Egypt’s budget deficit for the first eight months of fiscal 2013-14 fell 15.6%. For the year starting 1 July 2013 the deficit fell to E£123.6bn ($17.7bn), or 6% of GDP, from E£146.4bn, or 8.4% of GDP a year earlier, according to latest figures released by the Egyptian Ministry of Finance.

The ministry credits a rise in tax receipts from the Egyptian General Petroleum Corporation (EGPC) and other oil companies, as well as increases in taxes on treasury bills and bonds. Though expenditure – wages, investments and social benefits (including pension funds) – also rose, growth has slowed. (CONTINUED - 876 WORDS)