Egypt’s total budget deficit hit 6% of gross domestic product (GDP) during the elapsed fiscal year (FY) 2022/2023, Minister of Finance Mohamed Maait revealed in a statement.

Egypt also achieved a primary surplus of 1.6% during FY 2022/2023, Maait said.

The country's debt plunged to 96% at the end of June 2023, down from 103% in FY 2015/2016, he added.

Moreover, Maait pointed out that spending on the healthcare and education sectors increased by 8.2% and 8.9% year on year (YoY), respectively.

Public expenditures increased by 19.3%, and wages and workers’ compensation rose by 15%, as per the minister.

Additionally, tax revenues climbed by 26.9% YoY in FY 2022/2023, he said.

Maait also announced that the government will support pensioners with EGP 202 billion during the current FY 2023/2024.

The public treasury has transferred more than EGP 768 billion to the National Organization for Social Insurance (NOSI) in 52 months, he added.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (