CAIRO - 30 April 2024: Egypt achieved a primary surplus of 2.97 percent in the first nine months of the fiscal year 2023/2024, equivalent to LE 237 billion, compared to 0.05 percent during the same period last fiscal year, according to the Ministry of Finance data
Meanwhile, the total budget deficit increased to 5.42 percent of the Gross Domestic Product (GDP) during the first nine months of the current fiscal year, compared to 5.4 percent during the same period of the previous year.
As per the ministry's monthly report for April, published on its website, the total budget deficit amounted to LE 759.19 billion from July to March of the fiscal year 2023/2024, compared to LE 545.73 billion during the same period of the fiscal year 2022/2023.
The budget deficit represents the difference between the state's revenues and expenditures, with Egypt operating on a fiscal year starting in July and ending in June of the following year.
Total general expenditures during the first nine months of the current fiscal year increased to around LE 2.22 trillion compared to approximately LE 1.47 trillion during the same period of the previous fiscal year, marking a 33.6 percent increase.
Similarly, total revenues increased to about LE 1.453 trillion during the first nine months of the current fiscal year, compared to around LE 925 billion during the same period of the previous fiscal year, indicating a 57 percent increase.
The increase in expenditures, exceeding the rise in revenues, is attributed to the higher burden of debt - interest on loans - on the state's general budget, rising by 70 percent during the first nine months of the current fiscal year to approximately LE 1.175 trillion compared to about LE 595.8 billion during the same period of the previous fiscal year.
Tax revenues surged to around LE 1 trillion in the first nine months of the current fiscal year compared to approximately LE 740.7 billion during the same period of the previous fiscal year, marking a 41 percent increase.
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