Egypt achieves primary surplus of EGP 857B in FY2023/24
Updated 7/17/2024 2:39:00 PMArab Finance: Egypt's primary surplus hit EGP 857 billion during the elapsed fiscal year (FY) 2023/2024, a significant increase from the previous year's EGP 164 billion, Minister of Finance Ahmed Kouchouk announced during the weekly cabinet meeting.
He added that the Ministry of Finance met the diverse needs of the education sector with EGP 256 billion, up from EGP 230 billion in the draft budget.
Additionally, Egypt invested EGP 180 billion in the health sector as compared to EGP 148 billion in the budget, he added.
The public treasury settled the insurance and pensions fund’s dues of EGP 185 billion and paid off all dues related to food supplies support worth EGP 133 billion, the minister said.
During the previous FY, Egypt raised salaries for workers with sufficient allocations for various support items and social protection programs that contributed to raising expenditures by an annual growth rate of 37.4%, Kouchouk noted.
Kouchouk emphasized ongoing efforts to improve expenditure structure across all budget sections, acknowledging that the debt remains high, but steps are being taken to reduce it.
He added that Egypt witnessed a 59.3% annual growth in revenues for FY 2023/2024, achieving a total budget deficit of EGP 706 billion.
The overall budget deficit for FY 2023/2024 decreased to EGP 505 billion, compared to EGP 610 billion a FY earlier, he said.
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