Egypt achieves EGP 150B surplus H1 of FY23-24

The Egyptian Minister of Finance, Mohamed Maait, announced that Egypt had attained a primary surplus of EGP 150 billion. He emphasized that the general budget had experienced a total deficit of 4.95 percent of the gross domestic product between July and December 2023, representing the first half of FY23/24.

Minister Maait further revealed that the initial half of the current fiscal year witnessed a remarkable increase in public revenues, with a growth rate of approximately 41.6 percent compared to the corresponding period in the previous fiscal year.

This surge in revenue can be attributed to a 43.4 percent improvement in tax revenues, a result of the successful implementation of mechanization initiatives aimed at enhancing governance and integrating the informal economy.

Furthermore, official revenues saw a substantial rise of around 36.4 percent, while other revenue streams also experienced notable growth. Notably, the total amount transferred to the state treasury from the Suez Canal reached 103.3 billion pounds, reflecting an impressive annual growth rate of 126.8 percent.

The Egyptian government’s commitment to implementing effective financial measures and strategies has played a significant role in achieving these positive results. The increase in tax revenues, coupled with the growth in official revenues and contributions from the Suez Canal, has contributed to the overall financial stability of the country.