Egypt's total budget deficit increased during the first 8 months of the fiscal year (FY) 2023/2024 by 6.7% of Egypt’s gross domestic products (GDP) by the end of February 2024, compared to 5% during FY2022/2023, according to Finance Minister, Mohamed Maait.

Maait indicated in a press conference on Sunday in Cairo, that the primary surplus amounted to EGP 193 billion during the same period, compared to EGP 41.8 billion a year ago.

Earlier in February, Maait stated Egypt’s total budget deficit declined from 12% during the FY 2013/2014 to 6% of the gross domestic product by the end of June 2023, and we expect it to decline to 5% by June 2027.

The finance minister also stated that Egypt achieved a primary surplus for the first time in 6 years amounting to 1.6% of the gross domestic product in the fiscal year 2022/2023 despite global crises.

 Additionally, Egypt aims to achieve the largest primary surplus in the country’s history at 2.5% during the current fiscal year where it reached EGP 173 billion in the past seven months compared to EGP 33 billion for the same period of the last fiscal year.