FILE - Egypt's Minister of Finance, Amr al-Garhy.
CAIRO - 17 January 2018: “Governmental investments witnessed an increase of 23 percent in H1 of this fiscal year to record LE 33.9 billion, with 19 percent deficit funded, to reach about LE 28 billion,” Minister of Finance, Amr al-Garhy said in a speech at the second annual Egypt Conference on Wednesday.
“Improvement of financial performance and the increase of the revenues, especially taxes’ revenues came with an improvement in the structure of public spending.” Al-Garhy added.
Al-Garhy clarified that this improvement in the financial performance represents the decrease of the primary deficit to reach LE 14 billion, 0.3 percent of the domestic product, compared to LE 39 billion, and representing 1.1 percent of the domestic product in the same period last year.
The conference aimed at presenting the promising investment opportunities and developments in the Egyptian economy, which has become one of the most important files of interest to the leaders of the business community and international investment in light of the economic reforms and expectations prevailing in the superiority of market performance in Egypt.