Belt-Tightening Budget

Full details of Egypt’s 2014-15 budget starting on 1 July have become available. The budget deficit estimated at E£240bn ($33.8bn) is to fall to 10% of GDP from 12% in the previous year. Total energy subsidies of E£127bn ($17.8bn) – E£100bn for oil products and E£27bn for electricity – fall to 16.1% of total budget expenditure from 19.5% the previous year. (CONTINUED - 59 WORDS)