Arab Finance: Egypt is targeting achieving a primary surplus of 2.5% of the gross domestic product (GDP) in fiscal year (FY) 2023/2024, the highest in the country’s history, Minister of Finance Mohamed Maait stated.

The minister also said that the government anticipates the budget deficit to decline to 5% in June 2027, compared to 6% in June 2023.

Moreover, the country is seeking to lower the debt rate to 75% of GDP in 2027, down from 95.7% in June 2023, he added.

Maait noted that health allocations rose by 447% to EGP 200 billion from EGP 36.4 billion in nine years, adding that the country has dedicated EGP 2.5 billion so far to support the comprehensive health insurance system.

Additionally, a sum of EGP 8.1 billion has been allocated for treatment at the country’s expense until June 2024.

Egypt’s education spending recorded EGP 230 billion until June 2024, while government investments spending accounted for EGP 587 billion, the minister added.

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