CAIRO - 25 March 2021: The Finance Ministry said in a recent report that the general budget deficit in the first half of the 2020-2021 fiscal year receded to 6.3 percent against 4.3 percent in the same period last year.
In a statement on Thursday, Finance Minister Mohamed Maait said the ministry issued a financial performance assessment report of the first six months of the 2020-2021 fiscal year.
He highlighted the importance of the report which assesses how far the action on the ground goes in line with the state financial policies.
The report said the budget has realized an initial surplus for the third straight year at about EGP 14 billion, representing 0.2 percent of the gross domestic product.
The report attributed this improvement in financial indices to a rise in state revenues by 16 percent, registering EGP 452.9 billion in the first half of the 2020-2021 FY.
This leap in revenues underlines the success of the Egyptian economy to recover quickly despite of the coronavirus repercussions.