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Egypt expects $31B deficit in next fiscal year

Egypt expects $31B deficit in next fiscal year

Egypt's finance minister says the country's budget deficit could climb as high as 185 billion Egyptian pounds ($31 billion) in the next fiscal year following the mass uprising that ousted President Hosni Mubarak.
Samir Radwan also said Thursday that health, housing, education and transportation spending would be increased by 20 billion pounds in fiscal 2011-2012, as part of a push to boost services to the country's 80 million people.
Radwan's comments come hours before President Barack Obama is expected to announce as much as $2 billion in additional aid to Egypt, divided between debt swaps, loans and financing guarantees.
The uprising which began Jan. 25 has battered Egypt's economy.
The deficit is expected to represent between 9.9 and 11 percent of GDP.