The total deficit to GDP in Egypt decreased to 4.9 percent during the period from July 2021 to March 2022, which witnessed a significant improvement compared to the same period of the last fiscal year. The tax proceeds also increased by 12.8 percent, in addition to maintaining the budget's achievement of a primary surplus, which are indicators that were achieved despite the significant increase in allocations for all expenditure sections to provide all the necessary needs for the sectors of the Egyptian state during the last period. Egyptian Finance Minister Mohamed Maait indicated that “the International Monetary Fund raised its estimates of GDP growth in Egypt by the end of the current fiscal year to 5.9 percent, especially in light of the international financial institutions' confirmation of the credit rating as well as the future outlook of the Egyptian economy despite all global challenges.”
Maait noted that "the fund praised the social protection package taken by the state to confront the economic repercussions of the Russian-Ukrainian crisis, and the fund also affirmed its full support for Egypt to complete the economic reform system." He expected achieving a primary surplus of 91 billion pounds, in addition to reducing the total deficit to GDP ratio to about 6.2 percent, with the budget agencies' debt to GDP expected to reach about 85 percent.
Source (CNBC Arabic Website, Edited)
