Arab Finance: Egypt’s total budget deficit shrank to 6% of the gross domestic product (GDP) during the fiscal year (FY) 2022/2023, Minister of Finance Mohamed Maait revealed in a statement on January 5^th.

Moreover, the state achieved a primary surplus of 1.6% during the previous FY, Maait said.

The minister also added that the debt-to-GDP ratio was below 95% in FY 2022/2023, down from 103% in FY2015/2016.

The country’s actual spending on the healthcare sector increased by 8.2% last FY, and the spending on the education sector climbed by 8.9%, he highlighted.

In addition, the minister noted that the actual spending on subsidies rose by 50.9% during the FY ended June 2023, while spending on the social protection sector grew by 34%.

Meanwhile, the spending on wages amounted to EGP 412.5 billion, with a growth rate of 15%.

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