Cairo – Mubasher: Egypt’s primary deficit has recorded EGP 14 billion, the lowest deficit in more than 10 years, in the first half of fiscal year 2017/2018, accounting for 0.3% of gross domestic product (GDP), finance minister Amr El-Garhy said in a statement on Sunday.
Given that the primary deficit of the Arab world's most populous country reached EGP 39 billion in the prior fiscal year, making up 1.1% of GDP, El-Garhy highlighted.
The minister attributed the decline to the general budget, the continuous financial and economic reforms, the economy’s recovery, and the hike of investors' confidence.
The H1 results assure the finance ministry’s and the Egyptian government’s ability to achieve FY17/18 financial goals, represented in achieving a surplus valued at 0.2% of GDP, he added.
Budget deficit dropped to 4.4% in H1 of FY17/18, against 5% in the prior fiscal year, he said.
The North African nation aims at reducing the deficit to 4% by 2022, which will enhance investment opportunities in Egypt, direct the surplus to the state's priorities, create more jobs and further investments over the coming period, El-Garhy indicated.
Egypt’s budget deficit fell in the first quarter of FY17/18 to 2% of GDP, according to the finance ministry's data.