Egypts budget deficit grows in 4 months

ArabFinance: Egypts budget deficit levelled up to EGP 219.8 billion during the first four months of the fiscal year (FY) of 2021/2022, compared to EGP 171.3 billion during the same period of FY 2020/2021, according to recent data by the Ministry of Finance.

The budget deficit rose to 3.1% as a percentage of the gross domestic product (GDP), compared to 2.6% of GDP during the same period of 2020/2021.

Egypt's total revenues rose during the first four months of the current fiscal year to EGP 311 billion, compared to EGP 287 billion during the same period of the previous fiscal year, as tax revenues contribute about 78.8% of total revenues, and non-tax revenues by about 21.2%.

Egypt's total expenditures during the July-October period also increased to EGP 530.7 billion, compared to EGP 455 billion during the same period of the previous fiscal year.

The Ministry of Finance indicated the continued achievement of the objectives of financial control, sustainability of public finance indicators, rationalization of consumption, and provision of sources of financing without prejudice to the safe limits of the public debt.

It pointed to supporting the protection network with providing good health care to citizens and increasing financial allocations to raise the efficiency of infrastructure, human development programs, education and health, which increases the productivity of the Egyptian citizen and helps improve the quality of his daily life.