Egypt 2012-13 budget deficit seen at around 11.5pc

ISTANBUL: Egypt's budget deficit will be around 200 billion Egyptian pounds ($28.75 billion), equivalent to 11.5 percent of national output, in the 2012-13 year to the end of June, newly-appointed Investment Minister Yehya Hamed said on Saturday.

"This year we are closing the budget with around 200 billion (Egyptian pounds) deficit, 11.5 percent

We have to close next year with 9.5 percent," he told a European Bank for Reconstruction and Development conference in Istanbul.