Maait: Egypt Aims to Reduce Budget Deficit to 7.5% during 2020/21

Mohamed Maait, the Egyptian Minister of Finance said on Wednesday that the ministry aims to reduce the budget deficit during the current fiscal year 2020/21 to 7.5%, compared to 7.9% from the last year.

Maait added in exclusive statements on the sidelines of the Egypt Economic Summit 2020 (EES) that the state will achieve such figure after the resumption of aviation and tourism movement.

"Estimates will be more transparent following the first half of the current fiscal year 2020/21," he indicated.

He stressed that the state continues to support all sectors of the Egyptian economy, pointing out that the Egyptian market is promising and it is expected to attract huge amounts of foreign direct investments (FDI) after the end of the coronavirus pandemic.