The surplus, 1.7 percent of the country's GDP, exceeds the expected 1.5 percent announced by the Minister of Finance Mohamed Maait in June.

The primary surplus in FY 2023/24 is expected to reach 2.5 percent of GDP, according to budget figures.

Total expenditures surged by 16.3 percent on a yearly basis to reach EGP 2.13 trillion in 2022/2023. Total revenue grew by 11.5 percent to EGP 1.501 trillion, an 11.5 percent yearly increase.

The budget deficit inched higher to 6.2 percent of GDP in 2022/2023 from 6.1 percent in 2021/2022.

Debt-to-GDP

Egypt's debt-to-GDP ratio is expected to reach 98 percent in 2022/2023, pushed higher by the devaluation of the Egyptian pound, Maait said.

The debt-to-GDP ratio will begin to decline as of the current FY 2023/2024 to reach between 75 and 79 percent of GDP in the next four years, he added.

Egypt’s foreign debt jumped to $162.9 billion during the first half of FY 2022/2023, up from $155.7 billion at the end of the previous fiscal year, according to data by the Central Bank of Egypt.

The Egyptian pound has lost nearly 50 percent of its value since March 2022. It is now traded at approximately EGP 31 against the US dollar.

Egypt's new budget for FY 2023/24 took effect on 1 July, with higher revenues and expenditures anticipated by the government. The government plans to increase revenues to EGP 2.142 trillion and spending to EGP 2.99 trillion.