Finance Minister Mohamed Maait
Finance Minister Mohamed Maait

Egypt's Primary Surplus Plunges 54% in 4M FY2020/21: Minister


Egypt's primary surplus in the first four months of the current fiscal year -- from July to October -- shrank 54.17 percent to EGP 5.5 billion ($351.5 million), compared with EGP 12 billion in the same period last year, Finance Minister Mohamed Maait said at a news conference yesterday.

Maait attributed the decline in the primary surplus to an increase in spending on social benefits programs and export subsidies.

During the July-October period, Egypt's budget deficit was down 2.6 percent, compared with 3.1 percent in the same period last fiscal year, the minister said.

Maait also said that the annual growth rate of revenues rose by around 15.5 percent during July-October.