The minister of finance confirmed that the country’s revenues increased by 19.6% to reach 1.32 trillion pounds in the previous fiscal year, which ended in June, and that tax revenues increased by 18.7% to reach 990 billion pounds during a press conference held today, Monday, at the Ministry of Finance’s headquarters to review the financial performance of the Egyptian public budget.
According to the minister, the positive actual performance indicators we attained during the most recent fiscal year, which ends at the end of June 2022, provided an answer to all rumours because we recorded the highest GDP growth rate since 2008 at 6.6%, as opposed to the global average for emerging economies of 3.2%. With the creation of 826,000 jobs and a drop in the budget deficit from 13 percent in the 2012–2013 fiscal year to 6 percent in June 2022, the unemployment rate fell to 7.2 percent.
1 percent of GDP in the most recent fiscal year, and as a result, the budget deficit rate is lower than the average of emerging nations for the first time in years.
The government was able to generate a primary surplus for the fifth consecutive year, totaling 100 billion pounds at a rate of 1.3% of GDP, making Egypt one of the few emerging countries to do so in the most recent fiscal year 2021–2022.
According to Egyptian Finance Minister Mohamed Maait, Egypt was one of the few nations to have a primary surplus of 1.3% during the previous fiscal year.
Comparatively, counterparts from developing nations managed to reduce their overall budget deficit by 6. % and start out with a deficit of 4. 7%.
According to the minister, this shows our ability to adapt to changes in the global economy, achieve the appropriate level of financial discipline, and preserve the government’s secure economic course.
On the other hand, the finance minister claimed that due to the fluctuation in the exchange rate in the years 2021–2022, there was an increase of 4% in the public debt as a percentage of GDP, bringing it to 85.3%.
Egypt wants to achieve a deficit of 4% of GDP in the fiscal year 2026-2027, he continued.
Maait stated that he anticipates the overall budget deficit to drop from the 6.1% projected in the previous budget to 5.6% in the current fiscal year 2022-2023 and to 5% in the following fiscal year.
Regarding the IMF loan, Maait reaffirmed that talks with the Fund are ongoing and emphasised that the Fund has never sought to end subsidies on bread or other food items, that its target size has not yet been established, or that interest-bearing financing schemes be discontinued. lowered in price.
Egyptian Finance Minister: In six years, our economy has tripled
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