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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.
Cairo has taken steps to revive the economy with two stimulus packages. The first, for E£29.7bn ($4.3bn), launched in the first half of 2013-14, was directed at investments in infrastructure, health, education, and other social services. The second, for E£33.9bn ($4.8bn) and financed by a grant from the UAE, was unveiled in January 2014, and included an extra E£20bn ($2.9bn) for infrastructure. (CONTINUED - 876 WORDS)