Egypt recorded a primary budget surplus of EGP 18.1 bn in 7M2020-2021, up from EGP 14bn at the end of 1H2020-21, Finance Minister Mohamed Maait said yesterday during a meeting with President Abdel Fattah El Sisi, according to an Ittihadiya statement.

State revenues rose 16% y-o-y, a marked improvement from the EGP 115 bn shortfall in tax revenue in the previous fiscal year resulting from the economic fallout caused by covid-19. Overall public spending also increased 12.4% during the first seven months of the fiscal year, the minister said. Spending on social security programs was up 24% to EGP 114 bn.

The overall budget deficit narrowed to 4.4% from 4.6% during the same period the previous fiscal year, but widened from the 3.6% recorded at the end of 1H2020-2021.

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