Tuesday, November 30, 2021

NEWS

Egypt’s budget deficit decreases in fiscal year 2020-21

Egypt’s budget deficit decreases in fiscal year 2020-21

Cairo, Jul 2 (Prensa Latina) Egypt's budget deficit decreased to 7.8 percent in the recently concluded fiscal year (July 2020-June 2021) and could fall to 6.7 percent in the current year, an official source announced.
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Finance Minister Mohamed Maait explained that inflation fell to 4.5 percent in 2021 from 22 percent in 2017 and unemployment dropped to 7.2 percent in the first half of the year, the lowest figure in history.

Maait added that in recent years, the Egyptian economy was diversified due to the development of tourism, manufacturing, construction, trade, and the oil and gas sectors.

On foreign exchange reserves, he pointed out that they increased in April to exceed 40 billion dollars, a figure that covers seven months of exports from the country, compared to the 12 billion dollars in 2014.

In his opinion, the floating of the Egyptian pound (local currency) allowed for a notable decrease in the current account deficit, as well as an increase in foreign currency inflows and foreign direct investments.

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