Egypt's budget deficit achieves 3.6% during FY2023/2024

  Minister of Finance, Ahmed Kouchouk, stated that Egypt achieved a primary surplus of 6.1 percent in the fiscal year 2023/2024, during his meeting with British Ambassador Gareth Bayley.

 

Kouchouk also highlighted a reduction in the budget deficit to 3.6 percent.

 

Emphasizing the significance of British collaboration, Kouchouk engaged with British investors to address Egypt's economic challenges and reforms.

 

He underscored the United Kingdom's pivotal role as a key economic partner, contributing significantly to the Egyptian market.

 

Expressing Egypt's interest in bolstering joint ventures with the United Kingdom, particularly in production and human development, Kouchouk emphasized the importance of these collaborative efforts.

 

Earlier in July, Kouchouk reported a primary surplus of LE 857 billion for the FY2023/2024, a substantial increase from the previous fiscal year.

 

Egypt's revenue surged by approximately 59.3 percent annually, while effective budget management led to a considerable reduction in the total deficit by LE 706 billion compared to the revised budget.

 

Noteworthy progress was made as the general budget's total deficit for FY2023/2024 decreased to around LE 505 billion, demonstrating a significant improvement from the previous fiscal year's deficit of approximately LE 610 billion.