The Egyptian government managed to record an initial budget surplus of EGP 35.6 bn during the first nine months of FY 2018/19, Invest-Gate reports.
This resulted in the rise of revenues to EGP 598.7 bn during the period from July 2018 to March 2019, compared to EGP 498 bn in the prior-year period, according to a press release on May 7.
Minister of Finance Mohamed Maait said the Egyptian economy would achieve a 5.6% growth rate by the end of current FY 2018/19, while seeking to reduce inflation to less than 10% during FY 2019/20, and to a range of 6-7% in the subsequent fiscal year.
In addition, Maait revealed that the total deficit reached 5.4% of Egypt’s gross domestic product (GDP), which is equivalent to EGP 281.3 bn, during the period from July 2018 to last March, compared to 6.2% – or 276.3 bn – in the year-ago period, reflecting the success of fiscal policies and reforms currently implemented by the government.
On his part, Deputy Finance Minister for Financial Policies Ahmed Kouchouk said the country’s reform program aims to keep government debt below EGP 400 bn in the nine-month period of FY 2018/19, highlighting that the ministry has managed to maintain it at EGP 394 bn.
Moreover, the total public expenditure on wages and compensation of workers amounted to EGP 196.1 bn during the first nine months of FY 2018/19, an increase of EGP 24.4 bn versus EGP 171.7 bn in the prior-year period, as well as a growth of 14%, Kouchouk unveiled.