In the first 7 months of the FY2023/2024, the primary surplus reached EGP 190 billion, compared to EGP 33 billion a year ago, Maait added
Egypt's total budget deficit increased to 5.8% during the first 7 months of the FY2023/2024, compared to 4.37% a year ago, Minister of Finance, Mohamed Maait, announced during his speech at Egypt Annual Tax and Legal Seminar.
In the first 7 months of the FY2023/2024, the primary surplus reached EGP 190 billion, compared to EGP 33 billion a year ago, Maait added.
During the seminar, the minister indicated that the cabinet will approve an amendment to the Public Finance Law to include the revenues of 59 economic bodies in the general budget.
He further stated that the tax revenues account for less than 35% of the overall revenues generated by state entities.
The combined budget revenues and economic bodies' earnings reach EGP 5 trillion, with EGP 2.1 trillion coming from the general budget and EGP 2.9 trillion from economic bodies. Notably, tax revenues for the fiscal year 2023/2024 amount to EGP 1.5 trillion.
Egypt plans to issue bonds between &3 and $4 billion before the end of June 2024, Maait said during an interview with Ashraq Bloomberg on the sidelines of the seminar.
Earlier in November 2023, Maait confirmed that Egypt successfully sold 75 million Japanese Yen, close to $500 million, worth of 5-year Samurai bonds with an average yield of 1.5% into the Japanese market.
In October 2023, Egypt issued Chinese-yuan-denominated bonds called Panda Bonds worth $500 million.
