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Egypt says land sale, IMF accord will ease budget problems

Egypt says land sale, IMF accord will ease budget problems

EGYPT has taken major steps towards lowering its budget deficit by selling real estate as well as agreeing on a support package with the International Monetary Fund, its finance minister said. Egypt's primary budget surplus will rise to above 3.5% in the fiscal year that will begin in July, Finance Minister Mohamed Maait told a news conference on Sunday. The primary surplus does not include interest payments, which in the seven months to end-January accounted for well over half of all expenditures and have kept Egypt deeply in deficit. The finance ministry last month forecast a primary general budget surplus…
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