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Egypt’s primary surplus records 1.4% of GDP in FY 2020/2021

Egypt’s primary surplus records 1.4% of GDP in FY 2020/2021

ArabFinance: Egypt’s primary surplus registered 1.4% of its gross domestic product (GDP) during the fiscal year (FY) 2020/2021, the presidency said in a statement on July 25th.

Egypt has registered a primary surplus of EGP 93.1 billion ($5.92 billion) in FY 2020/2021.

The country had achieved a primary budget surplus - excluding interest payments - of 2% before the coronavirus pandemic hit, its prime minister said in April, adding that the government aimed to return to that same level in the coming years.

Egypt also registered a budget deficit of 7.4% in FY 2020/2021, down from 8% a year prior, the statement added.

The government had been targeting an overall budget deficit of 7.8% and a primary surplus of 0.9% of GDP.

The country saw its debt-to-GDP ratio drop to 90.6% in FY 2020/2021 due to the country's ability to increase the tenor of its debt to 3.45 years as of June 2021

 

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