Egypt Government Plans to Cut Deficit, Public Debt, Mal Reports

Egypt’s government proposes to cut the budget deficit to 7.7 percent of gross domestic product during the next two fiscal years, Al Mal reported, citing a plan submitted to parliament yesterday.

The program also envisages reducing public debt to 77.5 percent of economic output, from 82.2 percent now, by cutting spending and reducing energy subsidies, the Cairo-based newspaper said.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net;

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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