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Egypt to sell land to expats, cut budget deficit

By Reuters CAIRO: Egypt will launch a scheme on Saturday to reduce its budget deficit by selling plots of land near Cairo to Egyptians living abroad, the housing minister said on Tuesday, with the aim of raising $15 billion over four years. The deficit has widened since last year’s popular uprising hammered the economy, cut tax …


Egypt says deficit not to exceed LE 144 bln

By Reuters CAIRO: Egypt’s finance minister denied a report published on Monday that the government had raised its budget deficit forecast for this fiscal year to LE 150 billion. Recent reform measures taken by the government to get the deficit under control had succeeded, in a statement on his ministry’s website. The size of the deficit …


Egypt raises budget deficit estimate ahead of loan talks

By Reuters CAIRO: Egypt has raised its budget deficit forecast for this fiscal year by 11.7 percent, the state MENA news agency said on Monday, in a move that may facilitate its efforts to line up an urgently needed international loan. Cairo is struggling to stave off a fiscal crisis following more than a year …


Egypt looking at energy subsidies to cut deficit

By Patrick Werr and Sherine El Madany / Reuters CAIRO: Egypt is pinning its hopes on natural gas to help it reduce energy subsidies that are eating up 20 percent of its state budget and are likely to continue growing if measures aren’t taken soon. For years, the government has resisted cutting subsidies for fear of …


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