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.
The minister's remarks were made during a Cabinet meeting held Thursday under Prime Minister Moustafa Madbouli.
The value of the debt service bill decreased to 32.8 percent in the last fiscal year, compared to 35.8 percent in the previous fiscal year, the data revealed.
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 Minister of Finance indicated during the cabinet meeting that during the first six months of 2021/2022, the general budget achieved an initial surplus of LE 3.2 billion.
Maait said in a statement Thursday that state revenues grew at an annual growth rate of 12.2 percent during the last fiscal year, with an increase of LE 119 billion, and expenditures increased by 9 percent.
Maait noted that the state recorded an initial surplus of LE 48 billion during July-April period despite the negative repercussions of the Corona crisis on economic activity, referring to the provision of additional financing of LE 31 billion for the implementation of projects.
This came during the Finance Minister's presentation of the financial statement on the draft state budget for the fiscal year 2021/2022, before the plenary session of the House of Representatives, on Sunday, headed by Counselor Hanafy Gabali.
Mai’t added in a press conference that Egypt achieved a primary surplus of LE 30 billion (0.5 percent) during the first half of 2019/2020.
Egypt Today reviews the most significant indicators that Egypt achieved during July to December period of fiscal year 2018/2019.
Egypt’s financial indicators will continue to improve, Minister of Finance Mohamed Ma’it announced, confirming that the Egyptian economy is on the right path.
The minister added that the overall deficit of the budget declined to 2.5 percent of GDP, compared to 2.7 percent during the prior year.
Egypt achieved a primary fiscal surplus for the first time in 15 years, making 4 billion Egyptian pounds ($224 million), Kouchouk said in a news conference.