Egypt achieves primary surplus of LE 35.5B, budget deficit of 5.3%

CAIRO – 7 May 2019: Egypt accomplished a primary surplus of LE 35.5 billion (before repayment of interest of debt) during the first nine months of the current fiscal, compared to atarget of LE 35 billion and a deficit of LE 7 billion in 2017/2018, The minister of finance said.

Minister of Finance Mohamed Ma’it affirmed that Egypt will achieve the target growth rate of 5.6 percent by the end of the current fiscal year.

The total budget deficit declined to 5.3 percent during July-March period, compared to 6.2 percent during the same period of the previous fiscal year, according to Ma’it.

The minister added that revenues hiked 20 percent, recording LE 598 billion during the nine months, compared to LE 498 billion in the same months of the prior year and that expenditures hit LE 873 billion, compared to LE 772 billion during the compared period.

Ma’it pointed out that tax revenues witnessed growth of 16 percent, while customs grew by 18 percent and real estate tax by 71 percent.

The minister of finance confirmed that the unified tax procedures law has been finalized and will be sent during the next week to the Council of Ministers, confirming the success of the special reviews of the Egyptian economic reform program, which is praised by international institutions.