Over the past six years, Egypt has been able to achieve financial discipline and budget targets, as it succeeded in achieving a primary surplus averaging 1.3% of GDP.
Egypt aims to achieve a primary surplus of 3.5% during FY2024/2025, Minister of Finance, Mohamed Maait, said during a meeting with the Undersecretary of the US Treasury for International Affairs on the sidelines of World Bank and IMF spring meetings.
Over the past six years, Egypt has been able to achieve financial discipline and budget targets, as it succeeded in achieving a primary surplus averaging 1.3% of GDP.
The Minister explained Egypt’s commitment to implementing a strategy to put the deficit and debt rates of the gross domestic product on a sustainable downward path.
He added that the government aims to direct 50% of the revenues of the Initial Public Offering (IPO) program to reduce the debt of the budget agencies.
The economic outlook for Egypt has experienced a shift towards stability and fostering growth, development, and job opportunities.
This transformation is attributed to the implementation of a comprehensive economic reform program, backed by the International Monetary Fund (IMF), Maait added.
This program encompasses a set of cohesive policies aimed at bolstering the private sector.
Recently, Maait confirmed that Egypt is supporting the private sector with full force to lead the Egyptian economy and occupy more 65 to 70% of the size of the market.
