Egyptian Finance Minister Ahmed Kajouk revealed that the total deficit in the general budget during the fiscal year 2023-2024 ending on June 30 (June) decreased to 505 billion pounds (10.4 billion dollars), compared to 610 billion pounds (12.6 billion dollars) in the previous fiscal year.
He noted that the Egypt recorded a primary surplus of 857 billion pounds ($ 17.8 billion) in the 2023-2024 budget, compared to 146 billion pounds ($ 3 billion) in the previous fiscal year.
Egypt devalued its currency in March to curb rising inflation. The pound was fixed at 30.85 for a year, before falling below 50 pounds, and is now trading at around 47 pounds per dollar.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
