This surplus was then utilized to cover a portion of the interest payments on the public debt. As a result, the overall deficit of the country decreased to 6% of the gross domestic product by June 2023.
Egypt achieved a primary surplus of 1.6% of gross domestic product (GDP) during FY 2022/2023, according to a statement by Minister of Finance, Mohamed Maait.
This surplus was then utilized to cover a portion of the interest payments on the public debt. As a result, the overall deficit of the country decreased to 6% of the gross domestic product by June 2023.
Additionally, Egypt reduced its debt from 103% in June 2016 to 95.8% by June 2023. The minister added that public spending on social dimension programs volume increased by 19.3% in the FY2022/2023 budget to record EGP 2.2 trillion.
Egypt's public spending on wages and workers’ compensation increased to EGP 412.5 billion in FY 2022/2023, compared to EGP 358.7 billion in FY 2021/2022, with a growth rate of 15%.
Maait added that spending on the support item also increased to EGP 275.8 billion, compared to EGP 182.8 billion in FY 2021/2022, with a growth rate of 50.9%.
The country’s actual spending on the social protection sector increased by 34% over the fiscal year 2021/2022, and the state’s public treasury committed to paying EGP 191 billion, the annual premium value to the National Social Insurance Authority.
He pointed out that the actual spending on the health sector during the last fiscal year was EGP 147.2 billion, compared to EGP 136 billion in FY 2021/2022, with a growth rate of 8.2%.
Additionally, Egypt's spending on the education sector also increased by 8.9%, reaching EGP 212.2 billion, compared to EGP 194.8 billion in the previous fiscal year.
The Minister indicated that the last fiscal year witnessed an increase in public revenues in various sectors, as tax revenues grew by 26.9% compared to FY2021/2022, and an increase of 107.6% over the target for FY 2022/2023.
The minister said that the results of the final accounts of economic bodies indicate an improvement, as their annual net profits increased by 50.3% during FY2022/2023.
