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.
Cash deficit in 2020/2021 general budget recorded LE 470.2 billion, compared to the estimated LE 431 billion, according to Minister of Finance, Mohamed Maait.
Egypt’s President Abdel Fattah El-Sisi urged maintaining performance regarding the general budget indicators, leading to achieve an initial surplus of 1.5 percent.
The minister explained that Egypt seeks to sustain the downward path of debt rates to GDP by adopting the implementation of a public debt management strategy based on diversifying sources of financing and issuing “dollar” bonds, “Eurobond” bonds, “green” bonds, and “sustainable development” bonds and sukuk.
The rise came as a result of the increase in payments for non-oil merchandise imports that exceeded the increase in receipts from non-oil merchandise exports, as payments rose by about $4.5 billion to record $45.4 billion.
Egypt’s President Abdel Fattah El Sisi on Saturday urged following up on and studying all the global and regional economic repercussions of the coronavirus pandemic to crystalize the appropriate financial measures.
In one of the 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Minister of Finance Mohamed Mait displayed figures on the performance of the Egyptian economy during the COVID-19 crisis and plans for the future.
The total deficit during the 11 months ended in May represented 6.5 percent of GDP compared to about 6.2 percent of GDP during the same period in the previous year.
Shams El-Din said that Egypt's external debt has been below the emerging markets average.
The minister added that the government aims to achieve a primary surplus of 2 percent, and a total deficit of 8.4 percent of GDP by the end of the fiscal year.
Egypt's exports to the Netherlands recorded 269.7 million euros in 2017.
The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 15.2 billion in treasury bills on Sunday.
The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 15.7 billion in treasury bills on Sunday.
The decline also reflects stability in commodity prices, which were largely impacted by the flotation of the Egyptian pound, the Finance Minister said.
Egypt targets a budget deficit of 8.4 percent of GDP in the new budget of fiscal year 2018/19.
he new budget for fiscal year 2019/19 targets to increase spending on public wages to LE 266 billion, while spending on social welfare will reach LE 332 billion.
he Cabinet will send the new budget for fiscal year 2018/19 to President Sisi this week for approval before referring it to the Parliament by the end of March.
The new budget targets expenditures of LE 1.41 trillion and GDP growth of five percent.
The government targets a primary budget deficit of two percent of GDP and curbing budget deficit to 8.5 percent.
President Abdel Fatah al-Sisi held a meeting Saturday with Finance Minister Amr el-Garhy and his deputies to review performance in fiscal year 2017/18.