The Egyptian Minister of Finance, Mohamed Maait highlighted the most important financial results for the first half of the fiscal year 2023/2024 (FY23/24). Egypt achieved a primary surplus of EGP 150 billion.

Maait noted in this regard that the general budget achieved a total deficit of 4.95% of the gross domestic product during the period from July to December 2023 which is considered the first half of the FY23/24.

According to the minister, during the initial half of the present fiscal year, there was a notable rise in public revenues, with an approximately 41.6% increase compared to the corresponding period in the previous fiscal year. This growth can be attributed to a 43.4% improvement in tax revenues, which was a result of implementing mechanization initiatives aimed at strengthening governance and integrating the informal economy.

Additionally, official revenues saw an increase of around 36.4%, while other revenues also experienced growth. Notably, the total amount transferred to the state treasury from the Suez Canal reached 103.3 billion pounds, reflecting a substantial annual growth rate of 126.8%.