Egypt achieves primary deficit of LE 4B in Q1 of 21/22

CAIRO - 6 December 2021: Egypt achieved a primary deficit in the first quarter (Q1) of the current fiscal year 2021/2022  at a value of LE 4 billion, according to Deputy Minister of Finance for Fiscal Policies, Ahmed Kojak.

Kojak added - during the activities of the second day of the CEO Conference - Monday, that it is targeted to reach the total deficit in the budget for the current fiscal year to 6.7 percent of gross domestic product (GDP).

In November, data from the Egyptian Ministry of Finance showed that Egypt’s budget deficit rose to LE 219.8 billion during the first four months of 2021/2022, compared to LE 171.3 billion during the same period of 2020/2021.

According to the monthly finance report, the budget deficit rose to 3.1 percent as a percentage of the gross domestic product (GDP), compared to 2.6 percent of GDP during the same period of 2020/2021.