Egypt’s budget deficit hits 5.8% in 7 months: Maait

Egypt has achieved an overall budget deficit of 5.8% of the gross domestic product (GDP) during the first seven months of the current fiscal year (FY) 2023/2024, Asharq Business reported, citing Minister of Finance Mohamed Maait.

The country has also achieved a primary surplus of EGP 190 billion during the July-January period, up from EGP 33 billion in the same period a FY earlier.

Meanwhile, return on Egyptian bonds in international markets dropped from 25% to 13.3% with enhanced insurance costs over the past days, the minister said.

Maait expects the debt-to-GDP ratio to go down to 83% in the current FY from 96% last FY.

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