Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Counts Initial Budget Surplus of EGP 100 Mln at Q1 of 20-21


Wed 14 Oct 2020 | 06:30 PM
Yassmine Elsayed

Moments ago, Egypt's ministry of Finance announced that the country counted an initial budget surplus of 100 million pounds ($ 6.39 million) in the first quarter of the 2020-2021 fiscal year.

In an official statement, the Minister of Finance added that Egypt extended the debt duration to about 3.2 years in June up from 1.3 years in June 2013, and expects it to reach 3.8 years by June 2021.

Egypt trimmed the projected primary surplus to 1.4 percent of GDP from 2 percent in the fiscal year that ended in June and expected a further decline to 0.5 percent in 2020/21, in a letter of intent to the International Monetary Fund in June, saying it would likely cut The COVID-19 pandemic increases revenue and spending requirements.

Cairo committed to prolonging the life of the debt under a $ 5.2 billion deal it signed with the International Monetary Fund in June.