By: Ahmed Allam
Cairo – Mubasher: The Egyptian economic growth exceeded 5% in fiscal year 2017/2018 for the first time in 10 years, deputy finance minister Ahmed Kojak said.
Egypt’s budget deficit fell by 9.8% of gross domestic product (GDP) to EGP 430 billion in FY17/18, versus 10.9% in FY16/17, Kojak added in a press conference on Thursday.
The International Monetary fund (IMF) had maintained its economic growth forecasts for the North African nation at 5.5% in FY18/19 on the back of a revive in the tourism and natural gas sectors.
He highlighted that the country’s budget has achieved an initial surplus of EGP 4 billion in FY17/18 for the time in 15 years, with a growth rate of 1%.
The budget’s total revenues rose by 20% in the last fiscal year as tax revenues increased by 36% to EGP 628 billion, Kojak indicated.
Egypt’s general expenses went up 10% to reach EGP 1.25 trillion in FY17/18, he noted.
The Ministry of Finance (MOF) had estimated the country’s total deficit for FY18/19 at around EGP 438.6 billion or 8.4% of GDP.
Translated by: Mai Ezz El-Din
