Egypt’s finance ministry announced on Thursday that the state's public budget has achieved an initial surplus of EGP 7.1 billion from July to September for fiscal year 2019/2020, without calculating loan interests.
With loan interests, Egypt’s budget deficit recorded EGP 131.4 billion during the first quarter of FY2019/2020, accounting for 2.1 percent of the GDP, the ministry added in a statement.
The fiscal performance report for November also noted that the budget’s revenues recorded EGP 173 billion over three months, as tax revenues recorded EGP 131.6 billion, while non-tax revenues reached EGP 41.4 billion.
It added that receipts from income taxes rose to EGP 38.5 billion due to the increase of salary taxes that reached EGP 12.6 billion.
The report also revealed that property revenues recorded EGP 14.4 billion thanks to an increase in Suez Canal share profits, which reached EGP 7.8 billion, in addition to the increase of share profits from state-owned economic entities that recorded EGP 3.4 billion.
On the other hand, public expenditures recorded EGP 303.3 billion over three months, including wages and state-worker compensations that rose to EGP 74.9 billion, besides the increase of supply good subsidies that reached EGP 12.4 billion.
The ministry also revealed that spending on health insurance and pharmaceuticals witnessed an increase, recording EGP 1.2 billion, while spending on commodities and service purchases rose to EGP 12.8 billion.
Interest expenditures recorded EGP 138.5 billion, spending on non-fiscal assets and investments reached EGP 24.9 billion, while spending on subsidies, grants, and social benefits recorded EGP 34 billion, the report said.
Meanhwile, the government has offered treasury bills worth EGP 19.25 billion ($1.2 billion) to bridge the budget deficit.