ARTICLE - The official figures issued for the budget deficit only tell part of the story about the state of Egypt's finances. A close look at the pattern of government debt over the past three years suggests that the actual fiscal deficit has been in the order of 8-10 per cent of gross domestic product (GDP), compared with the 3-4 per cent stated by the government in its revised figures. This, at least, is the conclusion of a recent study by Beirut-based financial consultants Sharqfin.

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