Egypt's budget deficit hit 12.8% in FY2013/14: Finance ministry

Egypt's state budget deficit hit LE255.4 billion – 12.8 percent of GDP – in the fiscal year 2013/14, according to final figures announced by the finance minister.

Hany Qadry Demian announced on Saturday that the budget deficit in the fiscal year ending on 31 June 2014 did not achieve its initial target as plans for fiscal consolidation did not materialise.

Revenues stood at LE456 billion, 24 percent lower than budgeted, due to overestimates based on unattained procedures, mainly subsidy cuts and tax reform. This was overcome by Gulf aid, said Demian.

Egypt received LE95.8 billion in aid and grants from Saudi Arabia, UAE and Kuwait following the ouster of president Mohamed Morsi on 30 June 2013.

Most of the Gulf aid came in the form of petroleum products, with the cash aid ranging from LE20-LE21 billion.