Egypt achieved most financial targets despite global economic challenges: Finance Minister

MENA , Ahram Online , Friday 14 Jul 2023

Egypt's Minister of Finance Mohamed Maait said the initial outcomes of the financial performance and the final account statement for the budget of the Fiscal Year 2022-2023 (which ended in June) indicated that most of the government's financial targets had been achieved.

Mohamed Maait
Minister of Finance Mohamed Maait


According to Maait, these financial goals have been achieved despite negative impacts on the national economy of global crises and other economic challenges, including the high prices of food, fuels, and services; and the increasing costs of financing.

He attributed these positive results to adopting prudent policies by the state that effectively address both local and international shocks and crises.

The budget for the Fiscal Year 2022-2023 recorded a primary surplus of EGP 164.3 billion, equivalent to 1.7 percent of the Gross Domestic Product (GDP), added the minister.

This surplus was achieved despite a 16.3 percent growth in public expenditures, totalling EGP 2.1 trillion, and an 11.5 percent growth in public revenues, amounting to EGP 1.5 trillion, Maait added.

He stated that the total deficit for the present fiscal year stood at 6.2 percent, slightly higher than the 6.1 percent recorded in the previous fiscal year (2021/2022).

The minister noted that the figures could have been even better were it not for the impact of rising and fluctuating interest rates and the effects of inflation.

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