Cairo – Mubasher: Egypt’s primary surplus reached EGP 7.1 billion in September 2019, Minister of Finance Mohamed Maait stated on Saturday.
Total government investments increased by 20% year-on-year to EGP 24.9 billion last month, Maait added, according to an official statement.
Government spending on social security and food subsidies went up by 11.5% and 8.5% YoY, respectively, in September, the minister said, noting that spending on healthcare insurance and medicines soared 75.9% YoY during the same period.
Maait revealed that Egyptian government spending on economic growth rose by 4.3% YoY in September, while expenditure on the promotion of exports surged 176.6% YoY.
The Egyptian economy is expected to grow by 5.9% during the fiscal year 2019/2020, while inflation is expected to reach 7.4% in FY20/21, according to the International Monetary Fund’s fifth and final review of Egypt’s economic reform programme.
