Egyptian administration achieves large fiscal surplus amid economic challenges
Date
7/18/2024 6:00:46 AM
(MENAFN) Egypt's Finance Minister, Ahmed Kouchouk, announced a notable achievement for the fiscal year 2023/2024, revealing that the country's budget has attained a primary surplus of EGP 857 billion (approximately USD17.8 billion). This surplus marks a substantial increase from EGP 164 billion recorded in the previous fiscal year, underscoring Egypt's resilience despite economic shocks impacting overall activity.
In a statement on Wednesday, Minister Kouchouk emphasized that despite challenges, the Ministry of Finance successfully met diverse sectoral needs. Notably, allocations for the education sector reached EGP 256 billion, up from EGP 230 billion in the initial budget, while the health sector received EGP 180 billion, compared to EGP 148 billion initially planned. Additionally, the General Treasury disbursed EGP 185 billion to the Social Insurance and Pensions Fund, and EGP 133 billion for subsidized food commodities support, an increase from EGP 128 billion allocated in the original budget. These expenditures, coupled with enhanced wages and salaries for public sector employees, as well as allocations for social protection programs, contributed to a 37.4 percent annual growth in overall expenditures.
Minister Kouchouk highlighted ongoing efforts to optimize expenditure structures across all budget segments, acknowledging the persistent challenge posed by high debt servicing costs. The government remains committed to fiscal prudence and continues to strategize ways to mitigate and manage these costs effectively.
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