Egypt's budget deficit falls to 6.1% of GDP in 2021/22

  • 06 July 2022 / News / 69 / Fares RAHAHLIA


Egypt's budget deficit falls to 6.1% of GDP in 2021/22
Egypt’s budget deficit during fiscal years of 2021/2022 decreased to 6.1 percent, compared to 6.8 percent in the 2020/2021 fiscal year, according to the financial performance indicators of the state's general budget.
 
The value of the debt service bill decreased to 32.8 percent in the last fiscal year, compared to 35.8 percent in the previous fiscal year, the data revealed.
 
The state’s general budget achieved a primary surplus of LE 97 billion during the fiscal year 2021/2022, representing 1.3 percent of the gross domestic product (GDP) for the fourth year in a row.
 
The primary surplus is the general budget surplus after excluding the debt service item.
 
Revenue growth increased by 20 percent, while expenditure growth rate increased by 15 percent, according to indicators of the financial performance of the public budget in the past fiscal year.
 
President Abdel Fatah El-Sisi monitored, on Monday, the financial performance indicators of the state’s general budget during the past fiscal year with the Ministerial Economic Group.
 
The meeting touched on discussing the Ministry of Finance's plan to reduce the public debt of the state's general budget agencies during the coming period, according to a statement from the Presidency spokesperson.
 
President Sisi directed to target reducing the debt-to-GDP ratio over the future period from the current level, in addition to rationalizing government spending and maintaining the continuity of discipline in the performance of the state’s public finances.
 
He also directed the government to focus during the coming period on supporting and strengthening social protection programs and continuing investments to maximize production and provide job opportunities, in addition to continuing spending on health and education programs.

source: Egypt today

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