{"id":633666,"date":"2024-07-18T00:00:00","date_gmt":"2024-07-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/budget-deficit-narrows-to-egp-505-bn-in-fy-2023-24\/"},"modified":"2024-07-18T00:00:00","modified_gmt":"2024-07-18T00:00:00","slug":"budget-deficit-narrows-to-egp-505-bn-in-fy-2023-24","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/budget-deficit-narrows-to-egp-505-bn-in-fy-2023-24\/","title":{"rendered":"Budget deficit narrows to EGP 505 bn in FY 2023-24"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Kouchouk gives us the rundown on last year\u2019s most important economic <\/strong><strong>indicators: <\/strong>Over the last fiscal year, Egypt saw its budget deficit narrow and its primary surplus increase, despite the regional instability stemming from the war on Gaza, Finance Minister Ahmed Kouchouk <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Cbac7UwDrmWaovH2T39ZLwhaif8LQXSf71WUC1BVTHoT7Hk4FRYg5XqVAzXQWyrgl\" style=\"\" rel=\"noopener\">said<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">#1- Budget deficit: <\/strong><span style=\"background-color: transparent;\">Egypt\u2019s budget deficit narrowed to EGP 505 bn during the fiscal year that ended on 30 June, down 17% from the EGP 610 bn recorded last year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even better than expected: <\/strong>The Finance Ministry, in its draft <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1742.pdf\" style=\"\" rel=\"noopener\">draft state bud<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1742.pdf\" style=\"\" rel=\"noopener\">get for the current<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1742.pdf\" style=\"\" rel=\"noopener\">fiscal year (pdf)<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1742.pdf\" style=\"\" rel=\"noopener\"><\/a> released in April, had forecasted the budget deficit for the year coming at EGP 555 bn \u2014 or 4% of GDP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Primary surplus: <\/strong>The country recorded a primary surplus of EGP 857 bn during the fiscal year 2023-2024, compared to EGP 164 bn the year before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Revenues <\/strong>were up 59.3% y-o-y in FY 2023-24, Kouchouk said, without providing an exact figure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- More spending: <\/strong>The government\u2019s spending was up 37.4% y-o-y during the year \u2014 education spending came in 11% higher than the figure earmarked in the budget to sit at EGP 256 bn and health spending came in at EGP 180 bn for the year, 22% higher than planned.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news got attention from: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-total-budget-deficit-505-bln-pounds-202324-finance-minister-says-2024-07-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/english.news.cn\/africa\/20240717\/bcffc6a7ca8f4de5861344fb7f35c98d\/c.html\" style=\"\" rel=\"noopener\">Xinhua<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deficit was down 17% from the year before<\/p>\n","protected":false},"author":1,"featured_media":633667,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[782,279,104,72,276],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ahmed-kouchouk","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","wpautop","entry"],"acf":{"mongo_id":"dc0373cd-b7ba-4d33-9620-35738b99d021","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1404.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s budget deficit narrows to EGP 505 bn in FY 2023-24","related_issue":[633654],"teaser":"The deficit was down 17% from the year before","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.1400a626-5fd2-4687-853b-7757c8180d8e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Budget deficit narrows to EGP 505 bn in FY 2023-24 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/budget-deficit-narrows-to-egp-505-bn-in-fy-2023-24\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget deficit narrows to EGP 505 bn in FY 2023-24\" \/>\n<meta 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Egypt\u2019s financing gap to EGP 720 bn next fiscal year -Kouchouk: The Finance Ministry is working to trim EGP 100 bn off Egypt\u2019s forecasted budget deficit in FY2019-2020 to EGP 720 bn, Vice Minister of Finance Ahmed Kouchouk tells Al Shorouk. According to Kouchouk, the ministry\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646293,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/11\/foreign-investments-in-t-bills-fdi-up-budget-deficit-down-kouchouk-nasr\/","url_meta":{"origin":633666,"position":1},"title":"Foreign investments in T-bills, FDI up, budget deficit down - Kouchouk, Nasr","author":"enterpriseam admin","date":"11 June 2017","format":false,"excerpt":"Foreign investment in Egypt\u2019s debt market climbed to USD 8.4 bn since the EGP float, Vice Minister of Finance Ahmed Kouchouk tells Reuters. Foreigners had bought EGP 145.5 bn worth of treasuries on 6 June, according to the Finance Ministry\u2019s head of public debt Sami Khallaf, the newswire adds. This\u2026","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544684,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/finmin-sees-budget-deficit-widening-amid-commodities-price-shock\/","url_meta":{"origin":633666,"position":2},"title":"FinMin sees budget deficit widening amid commodities price shock","author":"enterpriseam admin","date":"16 March 2022","format":false,"excerpt":"The Madbouly government sees the FY 2021-2022 budget deficit target widening to 6.9% from 6.7%, Vice Minister of Finance Ahmed Kouchouk told Al Arabiya. This comes as war-related global price surges putting a strain on the state budget. The ministry expects to have to find an extra EGP 15 bn\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597203,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/foreign-holdings-of-sovereign-egyptian-debt-at-usd-19-2-bn-mid-june\/","url_meta":{"origin":633666,"position":3},"title":"Foreign holdings of sovereign Egyptian debt at USD 19.2 bn mid-June","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"Madbouly presents final FY2018-2019 figures: Egypt\u2019s economy grew 5.7% in the final quarter of the fiscal year 2018-2019, Prime Minister Madbouly said at a presser yesterday, according to a cabinet statement. The budget deficit recorded 8.2% of GDP, or EGP 431 bn, falling below the government\u2019s target of 8.4% for\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567376,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/egypt-to-beat-debt-to-gdp-target-this-year-maait\/","url_meta":{"origin":633666,"position":4},"title":"Egypt to beat debt-to-GDP target this year -Maait","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"Egypt to beat debt-to-GDP target this year + all you need to know about FinMin\u2019s epic presser: The Finance Ministry expects to reduce its debt-to-GDP ratio to 83% by the end of the current fiscal year, easily beating the 89% target included in the FY 2019-2020 budget, Finance Minister Mohamed\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/658.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/egypts-budget-deficit-down-remittances-up\/","url_meta":{"origin":633666,"position":5},"title":"Egypt\u2019s budget deficit down, remittances up","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to EGP 134.9 bn, equivalent to 2.1% of GDP in 1Q2020-2021 compared to 2.3% during the same period last year, according to a Finance Ministry report (pdf). The report attributes the narrowing deficit to an 18.4% y-o-y uptick in state revenues to EGP 204.7 bn, which\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=633666"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633666\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/633667"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633666"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633666"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}