Arab Finance: Egypt has upgraded its budget deficit forecast for fiscal year (FY) 2023/2024 to 7% of gross domestic product (GDP) from the previous forecast of 6.3%, Asharq Business reported on May 8^th, citing an official document.

The country also expects the budget deficit to hit 8% of GDP in the current fiscal year from the previous forecast of 6.8%, the document stated.

Moreover, the document showed that Egypt targets increasing its revenues in the FY 2023/2024 budget by 41% to EGP 2.142 trillion, including roughly 71% of tax revenues predicted to rise by 31% to EGP 1.529 trillion from in FY 2022/2023 budget.

It also stated that the country seeks to repay EGP 1.315 trillion in domestic and international loans in FY 2023/2024, exceeding the current budget’s limit by 36%

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