The Egyptian Finance Minister Mohamed Maait said that for the first time in more than 37 years, the state was able to cover its expenses, achieve a primary surplus in the FY2017/18, and maintain that within 6 years to reach 1.6% of the gross domestic product in the FY2022/23.
During the current fiscal year 2023/24, Egypt aims to achieve the largest primary surplus at the level of 2.5% despite the severe global crises, in addition to reducing the budget deficit to GDP from 13.8% in the FY1981/82 to 6% in June 2023.
The Minister of Finance expected the budget deficit to decrease to 5% in June 2027 and the debt-to-GDP ratio to decline from 159% in the FY1981/82 to 95.7% in June 2023, and to fall to 75% in 2027 by continuing policies of financial discipline and maximizing revenues.
Maait added that with the continuation of strong structural reforms, which stimulate the path of economic stability, by opening horizons for the private sector; as the engine of development, recovery, and growth in 2024.
"The state is making concrete efforts to create a favorable environment for local and foreign private investments to encourage Egyptian investors and international partners to benefit from the competitive incentives that the Egyptian economy possesses, driving productive and export expansions, and making it more capable of attracting more investment flows," he pointed out.
He pointed out that the government has adopted national programs that support green investments with packages of monetary benefits, tax and customs incentives; in line with efforts to combat climate change, and laying the foundations for a decent life that meets the aspirations of citizens in the “New Republic”.
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