(MENAFN) Egypt's fiscal year 2023/2024 has marked a significant turnaround with a preliminary surplus of 875 billion Egyptian pounds (USD18.14 billion), a substantial increase from the 164 billion surplus recorded in the previous fiscal period, according to Minister of Finance Ahmed Kouchouk. This achievement was highlighted during a recent Cabinet meeting chaired by Prime Minister Mostafa Madbouly, despite economic challenges impacting the country's financial landscape.

Egypt's economy faced various setbacks over the past year, including the ongoing crisis in Gaza, which has dampened tourism growth and affected revenue from the Suez Canal—key sources of foreign currency for the nation. In response to rising inflationary pressures, the government took steps in April to bolster the 2024/2025 budget with additional funding amounting to over 2.8 trillion pounds (USD59 billion).

Kouchouk underscored that revenues showed impressive annual growth of approximately 59.3 percent during the fiscal year 2023/2024. Moreover, the budget managed to significantly reduce the overall deficit, amounting to about 505 billion Egyptian pounds, compared to 610 billion pounds in the previous fiscal year—a notable decrease of 17 percent.

Despite these strides in fiscal management, there were sectors that exceeded their allocated budgets, indicating ongoing challenges in budgetary control and management. The Egyptian government continues to navigate these economic complexities while striving to maintain financial stability and sustain growth in key sectors vital to the country's economic prosperity.

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