Egypt records primary deficit in Q1

Kojak said that the country targeted to reach the total deficit in the budget for the current fiscal year to 6.7% of gross domestic product

  
A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019.

A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Egypt achieved a primary deficit of EGP 4 billion during the first quarter (Q1) of the fiscal year (FY) 2021/2022, according to Deputy Minister of Finance for Fiscal Policies, Ahmed Kojak.

Kojak said that the country targeted to reach the total deficit in the budget for the current fiscal year to 6.7% of gross domestic product (GDP).

In November, the Ministry of Finance showed that Egypt’s budget deficit rose to EGP 219.8 billion during the first four months of 2021/2022, compared to EGP 171.3 billion during the same period of 2020/2021.

According to the monthly finance report, the budget deficit rose to 3.1% as a percentage of the GDP, compared to 2.6% of GDP during the same period of 2020/2021.

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