Egyptian officials have said that the country’s budget deficit is likely to reach 200 billion Egyptian pounds ($31.5 billion) by mid-2013.
The implementation of austerity measures, many of which are believed to be linked to conditions attached to the IMF loan, was also delayed last month due to the political situation.
Kandil’s government is expected to announce tax hikes and cuts in subsidies soon. Talk of restructuring the current system is sensitive in a nation where nearly half of its 85 million people live just at or below the poverty line of $2 per person a day.
Associated Press writer Sarah El Deeb contributed.