CAIRO – 8 February 2024: Egypt's total budget deficit increased by 5.8 percent during the first 7 months of the FY2023/2024, compared to 4.37 percent in a previous year, Minister of Finance, Mohamed Maait, announced during his speech at Egypt Annual Tax and Legal Seminar.
Additionally, Maait highlighted that the primary surplus during the same period in FY2023/2024 amounted to LE 190 billion, a rise from LE 33 billion recorded a year ago.
During the seminar, He announced the intention of the cabinet to approve an amendment to the Public Finance Law, which would include the revenues generated by 59 economic bodies in the general budget.
Furthermore, tax revenues contribute less than 35 percent of the overall revenues generated by state entities, the minister added.
In total, the combined budget revenues and economic bodies' earnings amount to LE 5 trillion, with LE 2.1 trillion stemming from the general budget and LE 2.9 trillion from economic bodies.
Notably, tax revenues for the fiscal year 2023/2024 are projected to reach LE 1.5 trillion.
In terms of financial plans, Egypt intends to issue bonds between $3 and $4 billion before the end of June 2024, as stated by Minister Maait in an interview with Ashraq Bloomberg during the seminar.
It is worth mentioning that in November 2023, Egypt successfully sold Samurai bonds worth approximately $500 million in the Japanese market, denominated in ¥75 million (Japanese Yen). These bonds had a maturity period of 5 years and an average yield of 1.5 percent.
Moreover, in October 2023, Egypt issued Panda Bonds, denominated in Chinese yuan, worth a similar $500 million.
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