|15 January, 2020

Egyptian government records budget surplus in Q1 2019/20

Maait expected that the public debt-to-GDP ratio will reach 83% in June 2020

Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018.

Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: Egypt has achieved an EGP 3 billion budget surplus during the first quarter of the fiscal year 2019/2020, Egyptian finance minister Mohamed Maait stated on Tuesday.

The improvements in Egypt’s financial indicators, along with the achievement of a primary surplus, have contributed to the reduction of the debt-to-GDP ratio from 83.8% in June 2019 to 78.3% in November, the minister added.

Maait expected that the public debt-to-GDP ratio will reach 83% in June 2020, adding that the annual growth rate of public revenue grew around 0.5% in the second half of 2019.

Egypt’s non-sovereign revenue increased by EGP 21 billion in FY19/20, while wage growth rate rose by about 12%, Maait revealed.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Economy