Madbouli: Egypt Achieves 2% Surplus in FY 2018/19

Prime Minister Mustafa Madbouli hailed the government's positive results in fiscal year FY 2018/19, achieving a surplus of 2%.

This came during the cabinet's meeting on Wednesday in the presence of Minister of Finance Mohamed Maait.

Madbouli said that the government has succeeded to meet the proposed target introduced in the state’s general budget.

"The government has managed to achieve an unprecedented rate of initial surplus at 2% at an estimated amount of EGP 104 billion," Madbouli said, adding that we also managed to bring the fiscal deficit at 8.2%.

[caption id="attachment_66182" align="aligncenter" width="960"] Finance Minister displaying figures to attendees[/caption]

"The government has also brought Egypt's debt-to-GDP ratio down to 90% after recording 108% in 2017 and 93% in its program," he noted.

The economy has also observed a remarkable growth rate of 5.6%, placing it amongst the world’s fastest-growing economies.

Inflation and unemployment rates have also dropped to single digits after the latter reported more than 13% three years earlier.

The International Monetary Fund (IMF) is set to release the final tranche, amounting for $2 billion, on July 24.