Egypt’s primary surplus at EGP 5.2 bn in 4M2020-2021: Maait

Egypt recorded a primary surplus of EGP 5.2 bn in 4M2020-2021, down from EGP 14.7 bn, Finance Minister Mohamed Maait said yesterday, according to a Cabinet statement. This is a touch lower than the EGP 5.5 bn surplus Maait cited in an interview with Al Arabiya last month. Maait had previously said the primary surplus could fall to just 0.6% in the current fiscal year, based on a scenario where the crisis continues to December. Initial forecasts in the FY2020-2021 state budget had penciled in a 2% surplus. The government is likely to tweak key assumptions in the state budget this month after covid-19 put previous budget targets out of reach, the minister said.