CAIRO - 24 December 2022: The monthly report of the Egyptian Ministry of Finance revealed that the state’s general budget achieved a primary surplus of EGP 10.2 billion during the period from July to September of the fiscal year 2022/2023, at a rate of 0.1% of GDP, compared to a deficit of 0.09% during the same period of the previous fiscal year.
The growth came thanks to an increase in budget revenues by 15.6% during the first quarter of the current fiscal year, to reach 258.9 billion pounds, despite the increase in banks by about 19.2% compared to the same period in the last fiscal year.
Over the past five years, the government has succeeded in many reform measures aimed at putting the Egyptian economy on its right track and raising the efficiency of services provided to citizens. The Ministry of Finance has also worked to continue achieving the goals of financial control, sustainability of public finance indicators, rationalization of consumption, and provision of financing sources without prejudice to the safe limits of public debt.
The Ministry of Finance has also worked to support the protection network, while providing citizens with good health care and increasing financial allocations, to raise the efficiency of infrastructure, human development programs, education and health, which increases the productivity of the Egyptian citizen and helps to improve the quality of his daily life.
The government had previously approved a new social protection package for citizens at a cost of 67 billion pounds, as part of the outputs of the economic conference to reduce inflationary pressures on citizens, distributed between increasing the minimum wage to 3 thousand pounds, approving 300 pounds per month as an exceptional allowance for state workers and pensioners, providing support for families on ration cards benefiting 10 million citizens until June 30, 2023, and not increasing electricity prices until end of the current fiscal year.