Cairo – Mubasher: Revenues in Egypt’s general budget surged 34% year-on-year in fiscal year 2016/2017, minister of finance Amr El-Garhy revealed in a press conference on Tuesday.
Revenues in the country’s budget totalled EGP 659.2 billion at the end of FY16/17 versus EGP 491.5 billion for FY14/15 budget, El-Garhy highlighted.
The minister added that budget revenues contributed 19% to the gross domestic product (GDP) in FY16/17 up from 18.1% in FY15/16.
Total revenues, excluding grants, stood at EGP 641.5 billion in FY16/17, an increase from EGP 487.9 billion in the prior fiscal year.
Egypt is implementing an economic reform programme in coordination with the International Monetary Fund (IMF), under which it will obtain a $12 billion loan. The government received the first tranche worth $2.75 billion in November 2016.
