The Egyptian Finance Minister Mohammed Maait said on Saturday that the initial indicators of financial performance for the period July-September 2019 indicate an initial surplus of EGP 7.1 billion.
Maait said in a statement that the total government investments during that period amounted to EGP 24.9 billion, of which 22 billion worth of investments were financed by the Treasury, an increase of 20% over the previous fiscal year.
The minister added that government expenditures on social protection programs increased by 11.5% over the same period last year. Also, government spending increased by 8.5% on subsidies of supply goods, and 75.9% on health insurance and medical care.
He pointed out that government expenditures that support the development and economic growth increased by 4.3% compared to the same period last year, particularly those that encourage exports observed an increase of 176.6%.
Financial services Moody's predicted that Egypt's budget would have a preliminary surplus of GDP, excluding a debt interest of -1.7%, in the fiscal year 2019-20.
It is worth mentioning that the Egyptian budget aims to reduce the total deficit to 7.2% of GDP in FY2020, against 8.4% target for FY2019, and a basic surplus of 2% of GDP, based on the growth rate of 6 %.
Egypt's finance minister said in March that a new debt management plan had been launched to reduce public debt to 80 percent of GDP by 2022.
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