Egypt reports $4.85bln primary budget surplus in H1-23/24

Egypt reports $4.85bln primary budget surplus in H1-23/24

Cairo - Egypt’s total budget deficit hit 4.95% during the July-December 2023 period, the Egyptian Minister of Finance, Mohamed Maait, revealed in an official statement.

The budget achieved a primary surplus of EGP 150 billion during the registered period in fiscal year (FY) 2023/2024, compared to EGP 25 billion in the first half (H1) of FY22/23.

Revenues witnessed an annual growth of about 41.60% during H1-23/24, while the total tax revenues increased at an annual growth rate of 43.40%.

Maait highlighted that there is an annual rise in total expenditures by 56%, with regard to spending on government investments, the Insurance and Pensions Fund, and payment of the monthly installments due.

The Solidarity and Dignity programme recorded an annual growth rate of 14%, whereas expenditures for the education sector increased to reward workers and provide educational system supplies with a growth rate of 16%.

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