Cairo – Mubasher: Egypt is expected to achieve a 1.7% budget surplus during the fiscal year 2019-2020, with the budget deficit recording 7.5%, according to a report released by Moody’s.
The North African country will achieve a 5.8% growth for the fiscal year ended 30 June, the report found.
Moody’s stated that Egypt’s economic reform programme resulted in a decline in its debt-to-GDP ratio, which recorded 82.3% in FY20.
The Egyptian government is planning to cut the budget deficit to 7.2% of GDP in FY20, compared to 8.4% in FY19.
