Egypt’s non-tax revenues rose by 122.9% year on year (YoY) over the nine months to March 31st, Minister of Finance Mohamed Maait stated.

Meanwhile, tax revenues went up 41.2% to over EGP 1 trillion amid the current economic challenges, the minister noted.

The country’s budget deficit remained unaltered at 5.42% of the gross domestic product (GDP), despite high interest rates and global and regional crises, he added.

Additionally, Maait pointed out that the government targets reducing debt servicing bills to 30% of government spending in the medium term as part of an integrated plan to decrease the country’s debt-to-GDP ratio to 80% by 2027.

The government also seeks to achieve a debt portfolio maturity of 3.3 years by the end of June 2024 to alleviate the financing needs of the general budget, Maait stated.

Moreover, investments financed by the state’s General Treasury have dropped by 19% to create room for the private sector, he added.




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