The most prominent of these is the increase in foreign direct investment inflows during the first quarter of the current fiscal year.
The Minister of Finance added that the indicators for the fiscal year ending in June 2022 were positive - File Photo
Egypt's Minister of Finance, Dr. Mohamed Maait, revealed a number of positive indicators for the performance of the Egyptian economy and the state's general budget.
The most prominent of these is the increase in foreign direct investment inflows during the first quarter of the current fiscal year, which reached 98%.
The growth of the services sector has also led to a significant improvement in the balance of payments, and revenues from the Suez Canal reached a record high of around $2.3 billion, an increase of approximately 35% from last year.
In a press statement, the Minister of Finance added that the indicators for the fiscal year ending in June 2022 were positive despite the severity of global challenges.
The government succeeded in turning the budget deficit, which lasted for more than 21 consecutive years, into a surplus of 1.3% in June 2022, for the fifth year in a row.
The government aims to achieve a surplus of 1.4% during the current fiscal year. He also noted that the country achieved the highest growth rate since 2008, at 6.6%, and reduced the budget deficit to 6.1% of GDP.
These positive developments in the Egyptian economy demonstrate the country's resilience and potential for growth, despite the challenges posed by the global economic situation.
Egypt's commitment to boosting foreign direct investment and improving the services sector, as well as its success in reducing the budget deficit and achieving a surplus, are promising signs for the future of the economy.
