VOL. XL

No. 27

7-July-1997

EGYPT

Egyptian Budget Steers Steady Course

The Egyptian budget for the financial year 1997-98, which started on 1 July, foreseesmodest increases in both spending and income to match inflation and maintain thegovernment's strong fiscal position. The net, final deficit will, according to theofficial projections set out in the recently published Official Gazette, fall toE735mn ($216.5mn) from E919mn ($271mn) in 1996-97. Most commentators estimate that theEgyptian fiscal...