Egypt achieves primary surplus of EGP 193B in 8 months
Updated 3/11/2024 8:04:00 AM
Arab Finance: Egypt has recorded a primary surplus of EGP 193 billion in the last eight months, compared to EGP 41.8 billion over the same period of fiscal year (FY) 2022/2023, Minister of Finance Mohamed Maait stated in a press conference.
Despite the impacts of the current economic situation, public revenues saw a 34.6% year-on-year (YoY) increase backed by a 38.3% YoY surge in tax revenues, Maait noted.
Overall budget deficit went up from 5% to 6.7% of the gross domestic product (GDP), given the high interest rates, the minister highlighted.
He added that the public expenditures grew by 52% YoY over the first eight months of FY 2023/2024 due to the increase in interest rates.
Additionally, the Suez Canal achieved EGP 114 billion in revenues during the last eight months, he noted.
Maait also pointed out that the total value of the goods released from the Egyptian ports so far since January amounted to over $13 billion.
Furthermore, he added that the government targets achieving a primary surplus of at least 3.5% of the GDP in FY 2024/2025, as well as lowering the debt-to-GDP ratio to less than 90%.
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