Egypt’s revenues also increased by 12.2% year-on-year, reaching EGP 119 billion during FY2020/2021, beating expenditures which rose 9% year-on-year
Egypt’s primary surplus is going up and the budget deficit going down according to the latest official statements.
The state recorded a primary surplus of EGP 93.1 billion, around 1.4% of Egypt’s GDP, during FY2020/2021, states Finance Minister Mohamed Maait.
On the other side, total budget deficit dropped from 8% to 7.4% in FY2020/2021, beating the government’s initial target of 7.8%. It is projected to go down further this year, predicted to fall to 6.7% of GDP in FY2021/2022 (this fiscal year), before dropping to 6.2% in FY 2022/2023.
Egypt’s revenues also increased by 12.2% year-on-year, reaching EGP 119 billion during FY2020/2021, beating expenditures which rose 9% year-on-year.
Maait explained that Egypt is among the top countries in reducing the debt-to-GDP ratio, despite the pandemic, which affected economic growth rates, revenues and expenditures and led many countries to increase debt rates.
“Egypt succeeded in raising the efficiency of public debt management by diversifying Its domestic and international instruments, and the debt-to-GDP in Egypt declined from 108% during 2016/2017 to 90.6% by the end of the fiscal year 2020/2021, in addition to the government’s success in extending the debt life from less than 1.3 years before June 2017, to 3.45 years in June 2021,” Maait noted.
The minister also pointed out that with the increase in investments funded by the public treasury, public investments during the current fiscal year 2021/2022 budget were around EGP 358.1 billion.
This makes the total implemented government investments amounted to EGP 289 billion, with an annual growth rate of more than 50.5%.
