Egypt Targets 5.4% GDP Growth In FY21/22

Giving More to Your Wealth
19 Oct 2021

The Minister of Finance announced that the government is planning on achieving 5.4% GDP growth in the current fiscal year, FY21/22. Furthermore, other targets include a primary surplus of 1.5% of GDP and a reduction in the budget deficit down to 6.7%. Debt as a percentage of GDP is expected to decline due to the diversification of the sources of financing for the government, such as issuing Eurobonds, green bonds, and sukuk. Debt service to GDP is expected to drop to 8.1% this fiscal year versus 8.8% last year. Also, the average debt lifetime will be extended to 3.7 years versus 3.0 years last year. Tax revenues are expected to rise by 2% of GDP within 4 years. Digitization projects have already resulted in an 11% increase in income tax revenue and a whopping 47% rise in value-added tax revenue.

(Source: Reuters (English), Zawya (English), Egypt Today (English), al-Sharq al-Awsat (English) (Arabic), Amwal al-Ghad, al-Borsa News, al-Masry al-Youm, al-Ahram, Akhbar al-Youm, al-Youm al-Saabe, al-Watan, al-Dustour, Sada el-Balad, al-Arabiya)

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