Egypt Aims to Achieve Largest Primary Surplus to 2.5% during 2023/24

Mohamed Maait, Minister of Finance said that the expenses remained greater than revenues for 37 years, and as a result of the economic reform initiated by President Abdel Fattah Al-Sisi, we were able for the first time with state resources to cover expenses and achieve a primary surplus in the fiscal year 2017/18, and we maintained this within 6 years to reach 1.6% of GDP in the fiscal year 2022/23.

The minister pointed out in a statement today that this came despite the harsh global crises from the Corona pandemic to the result of the war in Europe, and we aim during the current fiscal year 2023/24, to achieve the largest primary surplus in the history of Egypt 2.5%.

Al-Wer continued: We do not deny the truth of the difficult situation suffered by various economies, especially emerging markets, including Egypt, but at the same time it is not right to deny the fact that the reforms implemented by the government to maintain the safe economic path of the state, with measures to control public finances and indeed reflected in the indicators of economic performance during the past nine years, and compared to its counterpart over the previous 34 years, and the current global challenges and the huge pressure it imposes on the budget, whether in terms of declining revenues; as a result of the slowdown in economic activity, or the unprecedented increase in expenses to provide citizens with the basic needs of food and fuel in light of the high cost of financing in international markets.

It should be noted that, despite all these challenges, the government is proceeding in building the state with its comprehensive capabilities. Development and urbanisation in every inch on the land of Egypt; to improve the lives of people and the services provided to them in various sectors, and we have a strong and developed infrastructure, capable of absorbing investment and productive activities. When the economies of the world closed their doors under Corona, the Egyptian strategic choice was to close partially, and President Sisi said: “We cannot close the homes of millions of people who are working on development projects.”