The international financial crisis will prevent regulatory officials from cutting Egypt's budget deficit to the targeted 3 percent in 2011, according to Finance Minister Youssef Boutros-Ghali.
In a statement to Al-Masry Al-Youm, Boutros-Ghali said the goal will be achievable by 2015.
A recent report by the Central Bank of Egypt said the budget deficit for the first quarter of the current fiscal year totals US$6.6 billion compared to US$6.3 billion in the same period of the previous year.
The crisis has impacted major sources of Egyptian revenue, such as the Suez Canal and tourism, causing the budget deficit to rise. The government, in turn, has sought to offset this trend by increasing spending on infrastructure to motivate economic growth.
