CAIRO – Egypt has achieved a primary budget surplus of EGP 193 billion during the first eight months of the budget, at a rate of 1.44% of the State’s domestic product, compared to EGP 41.8 billion for the same period last year, said Finance Minister Mohamed Maait.
Speaking at a press conference, the minister said that the State has finalised agreement on the first and second reviews with the International Monetary Fund (IMF), adding that the agreement has been amended to receive dlrs 8 billion instead of dlrs 3 billion.
The government keeps on implementing the Initial Public Offering (IPO) programme, he said, adding that efforts are under way to revive the national economy, especially in the spheres of agriculture, tourism, and communications.
Maait, meanwhile, said that 35 per cent of the revenue growth rate was driven by the increase of tax revenues, which amounted to EGP 892 billion.
Total expenditures jumped 52 per cent to EGP 1.944 trillion, compared to 1.813 trillion in the same period last year, he said.
The increase in expenditures is attributed to the increase in the interest rates and the decline in Suez Canal rates, as well as the social security packages issued in October and March and the rise in global wheat prices, he further said.
