Budget Deficit Decrease to L.E. 134.3 m Allows Financing from Local Market

Egypt does not currently need any loans from the World Bank (WB) or the International Monetary Fund (IMF), Egypt's Minist...

  Budget Deficit Decrease to L.E. 134.3 m Allows Financing from Local Market Egypt does not currently need any loans from the World Bank (WB) or the International Monetary Fund (IMF), Egypt's Ministry of Finance said. However, technical cooperation and excellent relations between Egypt and the international institutions will continue, so that Egypt may benefit from their expertise, the Ministry pointed out. According to a statement issued by the Ministry on Saturday, the amendments introduced by the government to the General Budget Draft for the next fiscal year 2012/2011, in response to the Ministry's call for a community dialogue, as well as consultations with the Supreme Council of the Armed Forces, has reduced the size of the total expected public budget deficit from L.E 170 m to L.E 134.3 m. Thus, the deficit could be financed partly from local market sources, and partly from foreign grants and aid extended to Egypt by friendly countries and international organizations.