Thursday, January 15, 2015
Egypt's fiscal outlook.
The Ministry of Finance has issued figures for budget performance after five months of the 2014-15 fiscal year, which started on July 1, 2014. The deficit is higher than in the previous year, but this is mainly because of the distorting effect of the massive transfusion of Gulf Arab aid after the removal of President Mohammed Morsi in July 2013. Other aspects of the accounts are more encouraging, including a rise in non-oil tax revenue and the likelihood that energy subsidies will fall sharply.