20 Jan 2022

The Minister of Finance announced that Egypt’s state budget has achieved a primary surplus of EGP3.2bn during 1H21/22. This was accomplished despite the negative economic effects of the Covid pandemic, and the consequent 30% rise in health expenditures as well as a 21% increase in education expenditures. The surplus was mainly attributed to a 16% increase in tax revenues. The Minister also revealed that for FY21/22, the government is targeting a primary surplus of 1.5% and an overall budget deficit of 6.6%.

(Source: Reuters (English), Egypt Today (English), Arab News (English), al-Ahram, al-Youm al-Saabe, al-Masry al-Youm, al-Watan, Akhbar al-Youm, al-Sharq Business, al-Arabiya, Sputnik)