Balance of Payments Back in the Red, Budget Deficit Rises: Egypt Central Bank Issues New Presentation of Budget Data. (Economy)

Beginning of article

The balance of payments was pushed back into the red in the last three months of 2001, partly because of a 49 per cent drop in tourism income compared with the previous quarter, fresh figures issued by the Central Bank of Egypt show.

The central bank has also issued a new presentation of budget data, based on IMF-approved models. The new budget system has had the effect of reducing the overall deficit in the past three years, because of the inclusion of surpluses on state social insurance funds (SIFs). However, the deficit has been steadily rising, albeit from a lower base (MEED 8:2:02).

The overall position on the balance of payments registered a $925 million …