Egypt Needs $14.5Bn To Balance Its Current Budget

Egypt will need to find around $14.5bn to close its budget deficit gap in 2012-13, according to Egyptian Minister of Finance Mumtaz al-Sa’id.

The country expects to raise funds to cover this deficit from a number of donors and sources, he added. These include $4.8bn from the International Monetary Fund (IMF), $2bn from the World Bank, $2bn from the African Development Bank, $2bn from the European Union, $1.5bn from Qatar, $2bn from Turkey and $500mn from Saudi Arabia. To raise this amount the government is planning to initiate contact with potential donors. (CONTINUED - 272 WORDS)