Minister of Finance, Dr. Mohamed Maait, presented the preliminary results for the fiscal year 2022/2023, confirming the achievement of total revenues amounting to EGP 1.501 trillion with a growth rate of 11.5%.

Additionally, tax revenues reached approximately EGP 1.211 trillion with a growth rate of around 23% after auditing the figures, which is an unprecedented rate.

The announcement came during a press conference held by Prime Minister Dr. Mostafa Madbouly at the government headquarters in the Administrative Capital, following the Cabinet meeting to review government offerings.

In this context, Dr. Mohamed Maait clarified that total expenditures amounted to EGP 2.13 trillion, reflecting a growth rate of 16.3%. He also confirmed an initial surplus of around EGP 157 billion compared to the previous year's surplus of EGP 100 billion.

Regarding the overall deficit, the minister stated that it represents approximately EGP 618 billion, and after auditing the numbers, it is expected to be around 6.2% compared to 6.1% in the previous year, taking into consideration the significant rise in interest rates and the impact of the exchange rate.

The Minister of Finance added, "If not for these factors, the overall deficit would have been much lower. Achieving 6.2% given these variables and the continuous social interventions and additional expenses is a confirmation of our ability to control public finances despite the severe shocks and effects associated with the global fluctuations."

He emphasized the third element, which is debt, affected by exchange rate fluctuations, stating, "Therefore, we have formulated a plan that aims to reduce debt by a rate ranging from 75% to less than 80% in the next four or five years."

He also pointed out that during the 43 years of public finance, the best year in terms of debt-to-GDP ratio was when it reached 79.8%. Hence, this plan is significant to reaffirm the state's capacity to reduce debt to lower levels and to demonstrate the ability to achieve a downward debt trajectory.

Dr. Mohamed Maait also discussed another point, which is that the Ministry of Finance has developed a plan to target financing and funding facilities starting from July of this year until December 31, amounting to nearly $3 billion, commencing from this month until the end of the year.

The Ministry of Finance's preliminary results for the fiscal year 2022/2023 demonstrate a commendable performance in revenue growth and fiscal management.

The increase in total revenues and tax revenues showcases the effectiveness of economic policies and fiscal reforms implemented by the Egyptian government.

The surplus generated in comparison to the previous year signifies the country's resilience and ability to navigate through global challenges.

The plan to reduce debt over the next few years reflects a commitment to sustainable fiscal stability and paves the way for future economic growth and development.