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.
During the final quarter of the ongoing fiscal year, a sum of EGP 715.7 million was earmarked to pay the entitlements of employees within the funds and accounts for the new increase, Maait added.
Since securing $12 billion in revenues from the Ras El Hikma deal, Egypt has raised its expectations for the fiscal and economic indicators at the end of the fiscal year
Maait also told Asharq that the financing agreement with Japan came after the recent completion of the International Monetary Fund to increase the loan’s value to Egypt
The country has advanced from the developing-implementation category to the advancing-implementation category
