LONDON — Egypt does not exclude tapping global bond markets to raise cash but is unlikely to do so before its election cycle is over, finance minister Hany Kadry Dimian said on Friday. Political turmoil following the uprising that toppled autocrat Hosni Mubarak in 2011 has hammered the economy of 85 million people and hit government finances as foreign investors and tourists have fled. The country could introduce an additional 5 percent tax rate on high-income earners and also hopes that a value-added tax will be fully in place by next March to help improve budget finances, Dimian said at an investment conference in London. Egypt has been making ends meet largely with the help of billions of dollars from Gulf states but the United Arab Emirates said this week it was unlikely to disburse more aid. He said the budget deficit is likely to rise in fiscal year 2014-15 as the budget does not assume any of the financial aid from overseas that has helped cushion the economy during the fiscal year that ends on June 30. – Reuters
