Minister of Finance Dr. Youssef Boutros Ghali has reiterated that the Budget deficit in the fiscal year 2005/2006 has retracted by  1.6%, or  8.6% of  GDP.  Revenues have also soared by 31.4% in view of an increase in tax revenues.

Dr. Ghali has noted that in spite of the implementation of the new income tax law which has entailed a tax cut by half, the revenue on income tax has soared 10% or LE 45 bn in the fiscal year 2005/2006 .  Customs revenues have also soared by 21% in view of a more vibrant economy and increased imports.

Other non tax revenues have also increased.

Total public expenditure in the fiscal year 2005/2006 has soared to 203 billion pounds due to increased wages and salaries by 9.1% over last year.

Internal government debt has meanwhile increased  to 374 billion pounds in March 2006.

External debt has dropped by 4.3% in March 2006 over last year.

 (source: Al-Gomhuriya)