Egypt's Finance Ministry Reports Primary Surplus Of EGP 857Bn In FY 2023/24

7/17/2024 11:11:28 PM

(MENAFN- Daily News Egypt) Egypt's Finance Minister, Ahmed Kouchouk, presented a positive report on the country's financial performance during the 2023/24 fiscal year (FY) at a cabinet meeting on Wednesday.

The report highlighted the Ministry's achievements in a year marked by global economic challenges. It achieved a primary surplus of EGP 857bn, a significant increase compared to the previous year. This outcome was attributed to the Ministry's commitment to fiscal discipline and prudent financial management.

Kouchouk emphasised the prioritisation of essential sectors like education and healthcare. The education sector received EGP 256bn, demonstrating the government's focus on nurturing future generations. Similarly, EGP 180bn was allocated to the health sector, underscoring the government's commitment to public well-being.

The Ministry also addressed pressing needs by disbursing EGP 185bn in dues to the Insurance and Pensions Fund. Additionally, it fulfilled all obligations related to food subsidies, amounting to EGP 133bn, ensuring continued support for vulnerable populations.

On the revenue side, the Ministry witnessed a significant 59.3% increase compared to the previous year, reflecting the effectiveness of its revenue mobilisation strategies. This growth contributed to reducing the overall budget deficit to approximately EGP 505bn, surpassing the target set in the amended budget.

Kouchouk acknowledged the ongoing challenge of a high debt burden but reaffirmed the Ministry's commitment to implementing sustainable debt reduction strategies. Looking ahead, the Ministry outlined ambitious projections for FY 2024/25, with a focus on placing the budget debt on a downward trajectory. This commitment to fiscal sustainability is seen as crucial for continued economic growth and prosperity.

In conclusion, Minister Kouchouk commended the Ministry's efforts in navigating a challenging economic landscape. Despite global factors, rising inflation, and social support programs, the Ministry's prudent financial management resulted in a strong financial performance for FY 2023/24.

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