Egypt achieves primary surplus of EGP 164.3B in FY2022/23
Updated 7/16/2023 8:06:00 AM
Arab Finance: Egypt has recorded a primary surplus of EGP 164.3 billion, equivalent to 1.7% of the gross domestic product (GDP), as per the initial indicators of the financial performance for fiscal year (FY) 2022/2023, Minister of Finance Mohamed Maait said in a statement on July 14th.
This surplus has been achieved despite a 16.3% growth in public expenditures, hitting EGP 2.1 trillion, and an 11.5% increase in public revenues, Maait added.
The total deficit stood at 6.2%, compared to 6.1% in FY 2021/2022, the minister pointed out.
Moreover, Maait confirmed that the preliminary performance figures of the elapsed FY showed that the government's financial targets had been achieved.
He also indicated that the debt rate was affected by the change in the exchange rate, and it is expected to be in the range of 98% of the GDP, noting that it begins to decline as of the current FY 2023/2024 over the next four years to range between 75% and 79% of the GDP.
Minister of Planning and Economic Development Hala Elsaid previously revealed that Egypt targets achieving economic growth of around 4.1% to 4.2% in 2023.
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