Ministry of Finance Expects to Achieve Primary Surplus of 1.6% of GDP, Decrease in Public Debt

The Ministry of Finance expected that the results achieved for the state’s general budget during the first half of the current fiscal year 2022/2023 would help put the public budget deficit and public debt on a downward path.

The ministry expects also to achieve a primary surplus by the end of the fiscal year, which is estimated to reach about 1.6% of the Gross Domestic Product (GDP) by the end of this fiscal year.

It is estimated total fiscal deficit will reach 6.8% in the same year, and the debt of budgetary agencies will decrease to less than 80% of GDP by June 2027.

The Ministry of Finance stated that the performance of the public budget ensures the sustainability of public finance indicators in the medium term, and the preservation of the positive results achieved thanks to the gains of the economic reform program.

The fiscal policy also aims to push economic activity to create real job opportunities, and improve the quality of public services provided to citizens.

And the state’s general budget succeeded in achieving an initial surplus of 25.5 billion pounds during the period from July to December of the fiscal year 2022/2023, compared to achieving an initial surplus of 3.2 billion pounds during the same period of the previous year.

These positive results came despite the negative repercussions of the war in Europe in addition to the success of the Ministry of Finance in meeting all the needs of budget agencies and various sectors, especially the health and education sectors, as well as providing all allocations for the Decent Life Initiative, financing social packages, as well as paying monthly dues regularly for the benefit of the Insurance and Pensions Fund.