CAIRO – Egyptian Finance Minister Mohamed Maeet said there is an international praise for the success of the Egyptian economy in achieving indicators over the past nine months better than what was targeted despite the tough consequences of global and regional crises.
In a statement on Sunday, Maeet said the economy has succeeded in achieving initial surplus of 3% of the gross domestic product at a value of 416 billion pounds with an annual growth rate exceeding 8 and a half times.
Non-tax revenues increased by 122.9% as tax revenues amounting to more than one trillion pounds were achieved at a growth rate of 41.2% in light of all the challenges facing the Egyptian economy and without placing new burdens on citizens or investors
Total budget deficit settled at 5.42% despite the effects of global and regional crises and high interest rates, he said, pointing to the decline in investments financed from the state’s public treasury by 19% to make room for the private sector.
“We aim to reduce the debt service bill to 30% of public expenditures in the medium term as part of an integrated strategy to put the debt rate on a downward path to reach 80% in June 2027.
“We aim to achieve a debt portfolio maturity of 3.3 years by the end of June 2024 to alleviate the financing needs of the general budget,” the minister said.
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