Egypt: Budget deficit widens 25% y/y to EGP 168bn in Jul-Sep

As percent of full-year GDP, fiscal gap edges up to 2.3% as economy keeps expanding despite COVID

Tax revenues rise 17% y/y due to higher VAT revenues

Interest payments accounted for 91% of tax revenues in Jul-Sep and remain major credit weakness

Spending on subsidies roses 9% y/y; social payments jump 18% y/y because of Treasury contributions to pension funds