Egypt Achieves a Budget Surplus of 103 Billion Pounds

  • Cairo, Arab Republic of Egypt
  • 25 February 2020

The Egyptian Minister of Finance Mohamed Moait revealed a decrease in the total deficit rate at the end of the elapsed fiscal year (2018-2019), explaining that the government was targeting a total deficit of 8.4 percent, but it achieved a deficit of 8.2 percent at the end of the fiscal year.

Moait confirmed that "the public budget achieved an initial surplus for the first time in the amount of 103 billion pounds, at a rate of 2% of the gross domestic product," considering that "Egypt is the number 2 country in the world after Ecuador in this regard, which achieved an initial surplus of 2.7 percent." ".

He pointed out, "The ratio of public debt to gross domestic product has decreased, reaching 98% on June 30, 2018, then 90.2% on June 30, 2019, and is targeted to reach 83% on June 30, 2020."

Moait pointed out that "the government aims to reduce the ratio of public debt to GDP to 79% in the budget for the new fiscal year 2020-2021."

Source (The New Arab Newspaper, Edited)

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