WB: Egypt's initial budget surplus helped to withstand debt problem

On Sunday, the World Bank (WB) announced that Egypt's initial budget surplus and the stability of the financial system as well as the improvement in economic performance helped the domestic economy withstand the repercussions of the COVID-19 novel, according to a report issued by the World Bank.

In this regard, the report reviled that Egypt’s current FY 2020/2021 budget is expected to achieve an initial surplus of 0.6 percent of GDP.

In the same context, the World Bank estimated that Egypt will be the only country in MENA besides Iran and Djouby to see positive growth in 2020, projected at 3.8 percent, according to the IBRD's updated report on the MENA economic outlook that was released on Sunday.

According to the WB,  achieving the initial budget surplus was good for the country amid the ongoing challenges and crises.

It's worth mentioning that the World Bank institution is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.