Cairo – Mubasher: Egypt has achieved a primary surplus of EGP 19.8 billion during the first five months of fiscal year 2019/2020, compared to EGP 15.9 billion in the year-ago period, the country’s finance minister Mohamed Maait said.
Expenditures used to support economic growth increased by 22.2% year-on-year during the July-November period, while government investments rose by 13.4% during the period, Maait added, according to a presidential statement on Sunday.
In addition, expenditures directed to social protection programmes also grew by 11.4% during the five-month period ended 30 November.
The Egyptian government expects the public debt to gross domestic product (GDP) ratio to decrease to 83% by the end of FY19/20 from 90% at the end of FY18/19.
In February, Maait announced that the government aims to reduce public debt to GDP ratio to 93% at the end of June 2019, 88% at the end of June 2020, and 80% at the end of June 2022.
