Egypt revises budget deficit estimate to 6.9 pct of GDP

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Egypt revises budget deficit estimate to 6.9 pct of GDP

STORY: Egypt revises budget deficit estimate to 6.9 pct of GDP DATELINE: May 10, 2023 LENGTH: 00:00:46 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt's Parliament 2. various of the Egyptian Finance Minister Mohamed Maait speaking STORYLINE: Egypt's Finance Minister Mohamed Maait announced on Tuesday before the House of Representatives that the government has revised its budget deficit estimate for the 2023-2024 fiscal year to 6.9 percent of the gross domestic product (GDP), 0.6 percent higher than the previous forecast. According to Egypt's state-run Al-Ahram newspaper, Maait attributed this revision to interest rate hikes in Egypt and global markets, as well as increased spending on social protection and the rising cost of basic commodities. Both the World Bank and the IMF have adjusted their growth forecasts for Egypt. The World Bank now predicts a real GDP growth rate of 4 percent for both 2023 and 2024, down from its previous projection of 4.5 percent in December 2022. Similarly,

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