Egypt’s primary surplus expected to hit 5.75% end-June: Maait

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Egypt is expected to achieve a primary surplus of 5.75% of gross domestic product (GDP) by the end of June 2024, Minister of Finance Mohamed Maat stated on the sidelines of the World Economic Forum’s special meeting in Riyadh.

Moreover, the overall budget deficit is anticipated to shrink to around 3.95% of GDP, Maait added.

He noted that the government is working on maintaining the debt-to-GDP ratio, which is expected to be 89%.

Furthermore, tax revenues are forecasted to increase by more than 23% by end-June.

The minister’s comments were made during his meeting with Clare Woodman, Morgan Stanley's Head of Europe, the Middle East, and Africa (EMEA).

He remarked that Egypt is looking forward to benefiting from Morgan Stanley’s capabilities in hedging against increases in commodities prices, as well as in non-traditional financing.