Egyptian Finance Minister Mohamed Maait revealed that the primary budget surplus reached 5.87 percent of GDP in the first 11 months of the current fiscal year 2023-2024, compared to 1.15 percent in the last fiscal year.
Minister Maait explained that the overall deficit fell to 3.6 percent of GDP in the first 11 months of the current fiscal year, from 6.1 percent in the last fiscal year, despite the severity of inflation, high interest rates, exchange rate change, and a high subsidy and debt service bill. Egypt's fiscal year begins on the first of July and ends in June each year.
Source (Al-Arabiya.net Website, Edited)
