CAIRO, JULY 6 (SEE) The Minister of Finance, Mohammad Maait, said in a press conference on Wednesday that Egypt has achieved an initial surplus of 0.2 percent, worth EGP 4 billion in the 2017-2018 fiscal year.
The initial surplus (the state's revenues cover its expenses without interest on debt) has been achieved for the first time since 15 years, he said.
The minister pointed out, All budget indicators announced this month confirm that the country is "on the right track."
He added that Egypt aims to achieve a 2 percent initial surplus in GDP for the current fiscal year 2018-2019, worth EGP 100 billion.
Revenues expected in the budget for the current fiscal year will amount to EGP 989 billion, of which Egypt will pay EGP 817 billion for debt installments and interest, Maait noted.
Concerning the International Monetary Fund (IMF) $ 12 billion loan program, he said the new IMF review would take place in November.
Egypt began its three-year loan program in late 2016, agreeing to adopt tough reforms, including a significant cut in energy subsidies, new taxes and currency liberalization in an effort to repatriate investments that have flown out of the country since 2011.
The IMF has completed the third review over the Egyptian economic reform program at the end of last June, allowing Egypt to get a fourth tranche of $ 2.02 billion.
The government will issue new international bonds "within a short period," the minister said.
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