Egypt's government investments up 50.5% in FY20/21

The allocated government investments in the current fiscal year are six times higher than those in FY13/14

  
Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo June 5, 2014.

Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo June 5, 2014.

REUTERS/Amr Abdallah Dalsh

Cairo - Egypt's government investments surged by 50.5% year-on-year (YoY) to EGP 289 billion during fiscal year (FY) 2020/2021.

Allocations for government investments in FY21/22 amounted to EGP 358.1 billion as the public treasury-financed investments increased by 28% YoY, the Minister of Finance, Mohamed Maait, said in a statement on Thursday.

The allocated government investments in the current fiscal year are six times higher than those in FY13/14 which reflects the government's commitment to meet the citizen's needs and attract new investments.

In FY20/21, Egypt achieved a primary surplus of EGP 93.1 billion or 1.4% of the country's gross domestic product (GDP). The overall budget deficit narrowed to 7.4% of GDP in FY20/21, compared to 8% a year earlier.

The public debt declined to 90.6% of GDP in FY20/21, compared to 108% in FY16/17.

Source: Mubasher

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