budget deficit
This growth was driven by a broad increase in all tax categories, fueled by the recovery of economic activity
The deficit now stands at 560.6 billion LE, representing 3.2 percent of the GDP, down from 652.7 billion LE, or 4.6 percent of GDP, during the same period in the previous fiscal year
The minister made the announcement during a session in the House of Representatives, marking the completion of his "100 days of work" in office.
The total budget for the upcoming fiscal year is currently at approximately LE 5.5 trillion, a significant increase from the current fiscal year’s budget of about LE 3.4 trillion
the government raised its projections for achieving a primary surplus to 5.75 percent of the gross domestic product (GDP) in 2023/2024 from previous estimates of 2.5 percent of the GDP, according to the ministry.
El-Sisi also directed to continue and enhance efforts to alleviate burdens on citizens.
Speaking at a press conference in Cairo on Sunday, Maait also disclosed that the primary surplus for the same period amounted to LE 193 billion, a rise from the LE 41.8 billion reported a year ago.
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
The budget deficit percentage of the gross domestic product (GDP) rose to 5.51 percent, compared to 3.37 percent during the corresponding period of the fiscal year.
President Abdel Fattah El-Sisi has directed to continue enhancing project implementation efficiency, aiming to improve the indicators of the general budget and reduce the overall budget deficit.
Egypt’s debt-to-GDP ratio hit 95.6 percent in FY2022/2023, with the GDP recording LE 9.8 trillion ($318,23 billion)
Egypt's budget deficit rose to LE 367.39 billion during the period from July to the end of December 2022, compared to LE 285.13 billion during the same period last year.
Maait elaborated that Egypt’s budget deficit recorded its highest rate during the period between 1980 to 1985, reaching 13.8 percent, before it started to decline to range from 4.4 percent to 6 percent.
Maait added Monday during a conference to review the financial performance indicators for the current fiscal year budget (2022/2023) that the unemployment rate fell to 7.2 percent in June 2022 by providing 826,000 jobs.
The Ministry of Finance stated, in a report, Monday, that the primary surplus amounted to about LE 71.9 billion, or 0.91 percent of the GDP during 11 months.
The draft revealed the state’s aim to achieve a primary budget surplus of 1.5 percent of GDP during the 2022-2023 fiscal year.
Tax revenue also increased by 12.8 percent, in addition to maintaining the budget's achievement of a primary surplus, according to Minister of Finance Mohamed Maait.
Expenditure on subsidizing food commodities rose to LE 83 billion, compared to LE 80.4 billion in the 2020-2021 fiscal year, with an increase of 3.2 percent, and actual spending on the social protection sector increased by 16.5 percent over the 2020-2021 fiscal year.
The ministry stated that public revenues surged by 9.2 percent from July 2021 to February 2022 to record LE 683.3 billion against LE 625.5 billion in the same period a year earlier.
According to the monthly finance report, the budget deficit rose to 3.1 percent as a percentage of the gross domestic product (GDP), compared to 2.6 percent of GDP during the same period of 2020/2021.
