CAIRO: Finance Minister Hany Kadry said Wednesday the budget deficit is expected to reach between 11 to 12 percent of the country’s GDP in the 2013/14 fiscal year.
Qadri said at a press conference that if the various bonuses, exceptional revenues, and expenditures are excluded, the budget deficit could reach between 13 to 14 percent.
He said that a balanced policy – not one of austerity – would be adopted, adding that he would start to scale deficit rates to reach in the upcoming fiscal year 10 percent.
Qadri further said that he would submit a draft law to the government to protect officials.
The previous government reviewed an integrated project to protect officials and at the same time prevent conflict of interests, he continued.
He noted that about 1 trillion EGP were spent on subsidy, social benefits and grants over the past ten years.
The minister pointed out the Arab Gulf countries have been supportive of Egypt during tough times.
There is a need to change the economic policy in general, he said.