Egypt’s total revenues hit EGP 1.5T in FY 2022/23: Maait
Updated 7/12/2023 8:39:00 AM
Arab Finance: Egypt has achieved total revenues of EGP 1.501 trillion in fiscal year (FY) 2022/2023, with an annual growth rate of 11.5%, according to the preliminary figures announced by Minister of Finance Mohamed Maait in a press conference on July 11th.
The country’s tax revenues amounted to about EGP 1.211 trillion in the previous FY, recording an unprecedented annual growth rate of 23%, the minister added.
Meanwhile, total expenditures were up by 16.3% year on year (YoY), hitting EGP 2.13 trillion, Maait said.
Moreover, he said that Egypt initially has a primary surplus of about EGP 157 billion, up from EGP 100 billion in the past fiscal year.
As for the country’s overall deficit, Maait said that it nearly hit EGP 618 billion and is expected to represent about 6.2% of gross domestic product (GDP), compared to the elapsed fiscal year.
The minister also unveiled that the government has set a plan to cut debt by 75% to less than 80% over the next four to five years.
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