Egypt’s budget sees $4.9bn surplus in 6 months

Egypt’s budget attained a primary surplus of 150 billion Egyptian pounds ($4.9 billion) during the second half of 2023, the country’s top finance official said. 

The total deficit for this period stood at 4.95 percent of gross domestic product, said Minister of Finance Mohamed Maait. 

A primary budget surplus represents the difference between a government’s current revenue and spending, excluding interest payments on its debt. This metric serves as an indicator of fiscal health. 

Egypt’s financial year starts in July and concludes in June, meaning these figures cover the first six months of the country’s spending plans. 

As for the growth rate of expenses and revenues, Maait said the revenues achieved an annual increase of about 41.6 percent during the first six months of the 2023-2024 fiscal year, and the total tax revenues increased at a yearly maturation rate of 43.4 percent, while other revenues registered a growth of 36.4 percent. 

Furthermore, the minister mentioned the rise in the wages and salaries of employees regarding the recently approved increases, adding that sufficient allowances have been provided for support and social protection programs, including allocations for the payment of dues to the Insurance and Pension Fund and subsidies for food commodities, as well as spending on the health and education sectors. 

Maait added that the period mentioned above has, in general, witnessed continued improvement in the expenditures, apart from the debt service bill.