Surplus
The new surplus reflects the country’s rapid recovery from previous deficits, which almost reached a high of $30 billion earlier this year, exacerbated by external economic challenges
Goldman Sachs estimated that Egypt will require significantly less financing through borrowing for the second quarter of 2024, attributing the reduced need to the substantial financing it secured during Q1 2024 and the Ras El Hekma investment deal
Seen by the Arab World News Agency, the report shares that Goldman Sachs predicts the country’s real GDP growth to average between 6-6.5 percent for FY2025/202
Egypt's tourism sector also reported strong growth, with revenues increasing by an impressive 26.8 percent on a yearly basis in FY2022/2023, soaring to $13.6 billion
These, and the continuous efforts to mitigate the negative effects of global challenges, demonstrated Egypt's strong management of public finances, Maait said
Molla added during EGYPS 2023 that Egypt's oil exports rose to reach $18.2 billion during 2022.
Birol explained that Egypt was able to achieve a surplus in electricity after the deficit, and increased support and reliance on solar energy, which contributed to attracting a large amount of investments.
CBE confirmed in the balance of payments report issued, Tuesday, that the period from July to March of the fiscal year 2020/2021 witnessed an improvement in the performance of the Egyptian economy’s transactions with the outside world.
Egypt’s President Abdel Fattah El Sisi on Saturday urged following up on and studying all the global and regional economic repercussions of the coronavirus pandemic to crystalize the appropriate financial measures.
In one of the 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Minister of Finance Mohamed Mait displayed figures on the performance of the Egyptian economy during the COVID-19 crisis and plans for the future.
The total deficit during the 11 months ended in May represented 6.5 percent of GDP compared to about 6.2 percent of GDP during the same period in the previous year.
The public debt is already declining; the ratio of government debt to GDP has dropped from 108 percent at the end of June 2017, to 90.2 percent in June 2019.
The authority executed 93 percent of its investment plan during last fiscal year, with a total of LE 155 million.
The Trump administration has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus.
Germany could post a budget surplus of 14 billion euros in 2017, a magazine reported Saturday.
Egypt’s balance of payments (BOP) registered a surplus $11 billion in first three quarters of the current fiscal year, the central bank said Wednesday.
