Dr.
Mohamed Moait, Minister of Finance, stressed that the results of the financial performance during the first quarter of the current fiscal year «2022/2023» came “encouraging”, despite the continued global inflationary pressures that increased with the outbreak of the war in Europe, following the Korona pandemic as a result of the imbalance of the presentation balance And the request was reflected in a serious disorder with supply and supply chains, which helped to explain how we were able to achieve a first-quarter GDP surplus of 11% from July to September 2022. At the same time, digitization projects were successful in increasing tax revenues by about 20% over the course of three months compared to the same period in the previous financial year.
The minister said, during two separate meetings with officials of the credit rating institutions “Moody’s” and “Standard & Poor’s” on the sidelines of his participation in the meetings of the IMF and the World Bank in Washington, that the Suez Canal revenues set a new record in July 202, when it achieved 704 million dollars, an increase of 31 % Approximately July 2021, noting that the first quarter of the current fiscal year saw an increase in spending on the health sector of about 8%, the education sector of 6%, and the social protection sector of 5%.
2 %
The minister explained that despite the severity of the current challenges facing the global economy, the Egyptian economy performed well during the exceptional year “2021/2022,” with improvements in the tourism, manufacturing, oil, and natural gas sectors, and information technology. We also maintained the stability of the unemployment rate at 7.
2 % during ” The fourth quarter »from the last fiscal year, and Egypt’s external accounts witnessed a flexible performance and the oil trade balance recorded 4. 4 % billion dollars, and our exports of natural gas amounted to about 600 million dollars per month and we aim to reach one billion dollars in January.
The minister noted that non-oil exports rose by 29% over the previous fiscal year, while foreign direct investments totaled $8.9 billion, growing by 71 percent annually.
We succeeded in converting the first deficit by 8. 4% in the fiscal year (2013/2014) to a first surplus of 1. 3% of GDP in the past fiscal year, and reducing the total deficit from 16,5% In the fiscal year «2013/2014] to 6. 1% in June 2022. We also increased the percentage of spending on social protection programmes from 7 to 8 percent, despite the lack of investor confidence, and the Suez Canal revenues increased by 18% to reach 7 billion Dollar in June 2022.
2% in June 2022, and the debt to GDP ratio is 87, up from 4% in the most recent fiscal year.
A must.. Minister of Finance: In the first quarter of the current fiscal year, the Egyptian economy shown optimistic signs.
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