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Egypt sees deficit falling to 6.5% of GDP next year -document

Credit: REUTERS/AMR ABDALLAH DALSH

Egypt plans to reduce its budget deficit to 6.5% of gross domestic product (GDP) in the year beginning July 2021 from 7.5% this year, according to a finance ministry document obtained by Reuters on Monday.

Adds details on government debt and inflation

CAIRO, Nov 16 (Reuters) - Egypt plans to reduce its budget deficit to 6.5% of gross domestic product (GDP) in the year beginning July 2021 from 7.5% this year, according to a finance ministry document obtained by Reuters on Monday.

Government debt was forecast to rise to 88% of GDP in fiscal 2021/22 from the 83% projected for this year, said the document, which was dated October.

The average interest rate on government debt instruments was expected to edge down to 13% from 13.5% this year, while headline inflation was targeted to come in at between 6% and 12% in 2021/22, unchanged from the current target range, the document showed.

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(Reporting by Nadine Awadalla and Ehab Farouk; Writing by Ulf Laessing and Patrick Werr; Editing by Hugh Lawson and Giles Elgood)

((Ulf.Laessing@thomsonreuters.com; Reuters Messaging: follow me on twitter @ulflaessing))

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