Wed, 06 Feb 2019 - 01:21 GMT
Minister of Finance Mohamed Ma’it – Press Photo
CAIRO – 6 February 2019: Minister of Finance Mohamed Ma’it announced Tuesday the economic indicators and figures of the first half of fiscal year of 2018/2019, noting that these figures matched the government’s target and ensured trust in the Egyptian economy.
Egypt Today reviews the most significant indicators that the minister stated, which are:
• Egypt achieved a primary surplus of LE 21 billion during the first half (July – December) of 2018/2019.
• The budget deficit recorded 3.6 percent during the first six months of 2018/2019.
• The government paid around LE 207 billion as interest and debt burdens in the first half of the year.
• The average interest of government debt instrument hit 19.5 percent on bills and 18.5 percent on bonds.
• The volume of foreigners' subscription to domestic debt instruments by the end of January reached LE 13.1 billion.
• Egypt’s growth rate marked 5.4 percent during July to December period of the fiscal year.
• There is an 85-percent increase in the value of development fees achieved during the first half.
• LE 7 billion are the yields of the law of ending disputes and delay fines.
• Tax revenues reached LE 304 billion, with an increase of 22.2 percent, compared to the same period of the prior fiscal year.
• Foreign investments in domestic bonds and bills achieved $900 million during January.
• Proceeds of public revenues rose 28.4 percent during the period from July to December 2018, while the rate of growth of public expenditure grew by 17.7 percent.
• Government investments witnessed an unprecedented increase during H1 of the current FY reaching 64 percent to record LE 56 billion.
• Foreign reserves recorded about $42.6 billion at the end of December.
• There is a 21-percent- increase in the financial allocations to the education sector.
CAIRO - 5 February 2019: Egypt's financial indicators will continue to improve, Minister of Finance Mohamed Ma'itannounced, confirming that the Egyptian economy is on the right path. The minister referred to the success of the comprehensive economic reform program which is implemented by the Egyptian governmentand enjoys the full and continuous support of the political leadership and the great support of the Egyptian people.