Debt interest increases Egypt's budget deficit to LE 652.6B within 4 months

CAIRO - 31 December 2023: Egypt's budget deficit increased by 92 percent during the first 4 months of the current fiscal year 2023/2024 on an annual basis, at a value of LE 312.13 billion, according to the Ministry of Finance.

 

The Finance Ministry explained in its recent report that the budget deficit jumped to LE 652.65 billion during the period from July until the end of November 2023, compared to a deficit of LE 340.52 billion during the corresponding period of the last fiscal year.

 

The budget deficit percentage of the gross domestic product (GDP) rose to 5.51 percent, compared to 3.37 percent during the corresponding period of the fiscal year.

 

The increase in the budget deficit comes as a result of the significant increase witnessed in the debt interest expense item, which rose to LE 713.41 billion during the first four months of the current fiscal year, compared to LE 357.87 billion in the same period of the previous fiscal year.

 

In general, Egypt's expenditures increased during the allocated period to LE 1.258 trillion, compared to LE 808.52 billion in the comparative period of the previous fiscal year.

 

Egypt's revenues during the period from July until the end of November 2023 recorded about LE 608.96 billion, compared to LE 463.95 billion in the comparative period of the previous fiscal year.