Egypt’s total budget deficit declines to 3.6% of GDP in FY2023/24

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Egypt’s total budget deficit dropped to 3.6% of the gross domestic product (GDP) during the fiscal year (FY) 2023/2024, Minister of Finance Ahmed Kouchouk said in a press conference.

He noted that the country achieved a primary surplus of 6.1% of GDP last FY, including revenues from the Ras El-Hekma deal.

The minister added that the internal debt to state budget dropped by 4.7% of GDP, pointing out that the government targets lowering the debt-to-GDP ratio to less than 85% by the end of 2025.

Moreover, the country’s external debt to state budget fell by over $3.5 billion by end-June, he highlighted.

In addition, he said Egypt’s average maturity on external debt reached 12.7 years by the end of June.

The minister also revealed that non-tax revenues rose by 190% year on year last FY due to the diversification of the country’s resources, 50% of which are from the Ras El-Hekma deal.

Meanwhile, the revenue growth rate stood at 60%, surpassing public expenditures, he added.

Also, Egypt’s subsidies and social protection allocations more than doubled, reaching EGP 550 billion, Kouchouk mentioned.