Cairo – Mubasher: Egypt has achieved an EGP 3 billion budget surplus during the first quarter of the fiscal year 2019/2020, Egyptian finance minister Mohamed Maait stated on Tuesday.
The improvements in Egypt’s financial indicators, along with the achievement of a primary surplus, have contributed to the reduction of the debt-to-GDP ratio from 83.8% in June 2019 to 78.3% in November, the minister added.
Maait expected that the public debt-to-GDP ratio will reach 83% in June 2020, adding that the annual growth rate of public revenue grew around 0.5% in the second half of 2019.
Egypt’s non-sovereign revenue increased by EGP 21 billion in FY19/20, while wage growth rate rose by about 12%, Maait revealed.
