Egypt’s budget deficit shrinks to 3.6% from 4.2% in 1H2018-19

Egypt’s budget deficit shrank to 3.6% of GDP in 1H2018-19, down from 4.2% the previous year. The state treasury recorded a primary budget surplus of 0.4% of GDP, up from a deficit of 0.3% during the same period last year, Finance Minister Mohamed Maait said during a meeting yesterday with President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly, according to an Ittihadiya statement. The three discussed measures to cut unemployment rates, the budget deficit, and public debt, in addition to the digitization of the state’s tax collection. Egypt is targeting a budget deficit of 8.4% for the full 2018-19 fiscal year.