Web Search powered by YAHOO! SEARCH
Jul 2, 3:11 PM EDT

Egypt passes new budget for fiscal year 2015-2016, cutting budget deficit to 8.9 percent

Latest News
4,300-year-old pyramid discovered in Egypt
Women join fight against female circumcision
Cheap electronics threaten Egyptian repairmen
Egypt foiled extremist attempt to seize Sinai territory with attack on troops, president says

Egypt mourns soldiers, top prosecutor on 2nd anniversary of Islamist president's overthrow

Rocket from Sinai, where Egypt troops battle Islamic militants, hits south Israel; no one hurt

Egypt passes new budget for fiscal year 2015-2016, cutting budget deficit to 8.9 percent

The Latest: Israeli PM warns of IS threat, expresses condolences to Egypt over Sinai attacks

Buy AP Photo Reprints
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
Smaller workforce, more part-timers: Job market unlikely to return to former strength

New Puerto Rico agencies allowed to buy TRANs, help boost liquidity amid economic crisis

Egypt passes new budget for fiscal year 2015-2016, cutting budget deficit to 8.9 percent

US unemployment falls to 7-year low, but paychecks remain flat, and many job-seekers give up

Where Americans found jobs in June: Professional services, health care, retail

Jobless rate for black Americans falls to 7-year-low, though racial disparity remains wide

Spain raises 2015 economic growth forecast to 3.3 percent, brings forward tax reduction plan

California's dominance over Brazil is short-lived as state slips back to No. 8-largest economy

Architect of Argentina's recovery from financial collapse urges Greece to renegotiate its debt

US manufacturing activity accelerates in June as new orders boost employment

Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

CAIRO (AP) -- Egypt's president has approved a new budget for fiscal year 2015-2016, slashing the projected budget deficit to 8.9 percent of gross domestic product, the country's finance ministry said Thursday, in a move likely to please international creditors.

The revised budget deficit for the previous year is 10.8 percent. The finance ministry said 50 percent of public spending will be on social protection programs.

The ministry also said that revenues are expected to increase by 27.7 percent to 622 billion Egyptian pounds, with expenditure set to increase 17.4 percent to 868 billion pounds.

It said the new budget aims to reduce public debt, restore confidence in the economy and re-prioritize spending to improve basic public services and strengthen social protection. The fiscal year begins July 1, and the ministry said it is targeting 5 percent economic growth for the year.

President Abdel-Fattah el-Sissi's office announced the budget as Egyptian troops were battling Islamic State-linked militants in the restive Sinai Peninsula where a wave of attacks the day before killed scores of soldiers.

Also Thursday, Egypt's currency fell to a new low point against the dollar, the first such drop since February and a development that could help boost much needed foreign investment.

The central bank set a cutoff rate of 7.63 Egyptian pounds per dollar in an auction that sold $38.8 million, compared to the previous rate of 7.53.

Investors and economists see the currency as overvalued although the central bank has taken steps to alleviate the discrepancy, allowing the pound to slide somewhat before an investor summit last March.

© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.