05 Jul 2022
The Egyptian President reviewed the performance of the government’s FY21/22 state budget with the Ministerial Economic Group based on the preliminary data that is currently available. The budget deficit shrank to 6.1%, down from 6.8% in FY20/21. Revenues increased by 20%, while expenditures increased by 15%. The budget achieved a primary surplus of 1.3% of GDP, becoming the fourth year in a row where a primary surplus is recorded. The value of debt service payments was reduced to 33%, down from 36% in FY20/21.
The President directed the government to reduce the debt-to-GDP ratio and continue to exercise discipline with public finances, while also encouraging investments in order to maintain and increase economic growth. At the same time, The President also urged the government to continue to spend on healthcare and education, as well as social protection programs. (Sources: al-Ahram (English) (Arabic), Egypt Today (English), Daily News Egypt (English), Xinhua (English), Amwal al-Ghad, Zawya, al-Youm al-Saabe, al-Masry al-Youm, Masrawy, Middle East News Agency, CNBC Arabia, al-Arabiya, Sky News Arabia, CNN, Euronews, RT