The Egyptian presidency revealed that the primary surplus reached 1.4 percent of the gross domestic product in the fiscal year 2020-2021, to record 93.1 billion pounds ($5.926 billion).
Egypt was targeting a total budget deficit of 7.8 percent, and a primary surplus of 0.9 percent of GDP.
According to a statement issued by the Egyptian presidency, Egypt also recorded a budget deficit of 7.4 percent in the 2020-2021 fiscal year, down from 8 percent a year ago.
The presidency indicated that the country's debt to GDP declined to 90.6 percent by the end of 2020-2021 from 108 percent in 2016-2017.
The Egyptian Presidency did not disclose details about the economic growth during the last fiscal year. Noting that the primary surplus means that the state's revenues cover its expenses without calculating the interest on the debt. Knowing that the fiscal year in Egypt begins on the first of July until the end of June.
Source (Al-Arabiya.net website, Edited)
