Egypt’s revenues hike 35% in Q1, targets budget deficit lower than 5% in 2021

CAIRO - 2 December 2018: Egypt’s revenues increased 35 percent during the first quarter of 2018/2019, according to Minister of Finance Mohamed Ma’it.

The minister said that his country targets a budget deficit less than 5 percent in 2021.

Ma’it added that Egypt achieved its target during the first quarter of 2018/2019.

The Minister added in a press conference that last period witnessed shocks as a result of the hike of oil prices, the interest rate, crisis of emerging markets and increasing the interest rate in the United States which led to outflows of about $35 million.

Ma’it said that all these factors have negative impacts but the economic reforms saved the Egyptian economy from these shocks.

He added that the economic situation will be better in the beginning of 2019, as now the price of oil barrel is declined.

The minister also added that foreign reserves hit $44.5 billion, which covers the imports for 9 months, saying that it’s an unprecedented period.

This came during Ma’it’s speech at a conference held at the Ministry of Finance to declare the reasons behind the modifications of the custom dollar’s price the minister announced on Friday.

By the end of November, Ma’it announced raising the custom dollar to LE 18 for non-essential products, including: cars, some kinds of shoes, furniture and cigarettes.