PM Kandil: Budget Deficit Unexpectedly Rose to USD 28.7 Billion

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Egypt’s budget deficit for this fiscal year unexpectedly rose up to USD 28.71 billion as it was previously estimated to reach USD 21.98 billion, Egyptian Premier Hesham Kandil said in a press conference following a Cabinet meeting on Wednesday, September 12, at the Cabinet headquarters in Cairo.
Kandil added that such a large burden of deficit would force government to resort to borrowing.
Egypt has already requested a USD 4.8 billion loan from the International Monetary Fund (IMF).
SOUNDBITE 1 (Arabic) – Egypt’s PM Hesham Kandil:
“The EGP 175 billion (USD 28.71 billion) deficit is more than expected. Last year, the budget deficit was expected to reach EGP 134 billion (USD 21.98 billion) but it has become EGP 175 billion. This increase in budget deficit burdens us to have to make up for it through borrowing.” Kandil told reporters that borrowing has to be side by side with increasing national and foreign investments, noting that the government targets 4.5% growth rate this year, which requires investments of about USD 45.28 billion.
SOUNDBITE 2 (Arabic) – Egypt’s PM Hesham Kandil:
“We are working on settling the budget deficit as one of the courses. The other course, which is relevant, is to increase investments, whether they are national or foreign investments. The targeted growth rate is from 4% to 4.5% by the end of this year, which, according to the government’s plan, requires investments of EGP 276 billion (USD 45.28 billion).” The Egyptian Prime Minister noted that the IMF loan to Egypt would reassure the world economic institutions about the Egyptian economy and its ability to pay off debt, stressing that the economic reform program is 100% national regardless of the IMF loan.
Kandil finally called on the Egyptian people to work with the government to avoid any further burdens to the country’s budget by refraining from workers’ protests that lead to closing companies and factories.

Local News Agency: Middle East Bureau / VCS
Shooting Dateline: September 12, 2012
Shooting Location: Cairo, Egypt
Publishing Time: September 12, 2012
Length: 0:01:51
Video Size: 91.3 MB
Language: Arabic
Column:
Organized by:
Correspondent:
Camera: VCS

SHOTLIST:
1. Wide external shot of the Cabinet headquarters in Cairo
2. Various shots of the press conference of Egypt’s PM Hesham Kandil
3. Medium shot of Egypt’s PM Hesham Kandil speaking during a press conference held at the Cabinet headquarters
4. Various shots of reporters listening and taking notes at the press conference
5. SOUNDBITE 1 (Arabic) – Egypt’s PM Hesham Kandil:
“The EGP 175 billion (USD 28.71 billion) deficit is more than expected. Last year, the budget deficit was expected to reach EGP 134 billion (USD 21.98 billion) but it has become EGP 175 billion. This increase in budget deficit burdens us to have to make up for it through borrowing.” 6. Various shots of the press conference and the attendees taking notes
7. Medium shot, cameramen shooting
8. Various shots of Kandil speaking during a press conference
9. SOUNDBITE 2 (Arabic) – Egypt’s PM Hesham Kandil:
“We are working on settling the budget deficit as one of the courses. The other course, which is relevant, is to increase investments, whether they are national or foreign investments. The targeted growth rate is from 4% to 4.5% by the end of this year, which, according to the government’s plan, requires investments of EGP 276 billion (USD 45.28 billion).” 10. Medium shot, cameramen shooting
11. Various shots of the press conference and the attendees
12. Wide shot of the press conference and Kandil speaking

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