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Egyptian cabinet cuts 2014/15 deficit in revised budget plan -spokesman
June 29, 2014 / 1:41 PM / in 3 years

Egyptian cabinet cuts 2014/15 deficit in revised budget plan -spokesman

CAIRO, June 29 (Reuters) - Egypt’s cabinet submitted a revised 2014/15 budget proposing a narrower deficit after President Abdel Fattah al-Sisi rejected a previous draft because spending was too high, Finance Ministry spokesman Ayman Alkaffas told Reuters on Sunday.

The new budget plans a deficit of 240 billion Egyptian pounds ($33.6 billion) in the fiscal year that starts on July 1, less than the 292 billion pounds in the initial draft, he said. A detailed budget statement would be issued later on Sunday, Alkaffas said.

$1 = 7.1501 Egyptian Pounds Reporting by Shadia Nasralla; editing by John Stonestreet

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