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Egypt plans to reduce deficit in next fiscal year

Egypt plans to reduce deficit in next fiscal year

Cairo, Mar 21 (Prensa Latina) Egypt aims to reduce the total deficit to 6.3 percent of the Gross Domestic Product (GDP) in the next fiscal year and achieve a primary surplus of 1.5 percent, an official source revealed on Monday.
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Finance Minister Mohamed Maait presented these data during a meeting with President Abdel Fattah el-Sisi, Presidential spokesman Bassam Rady said in a communique.

According to Maait, the plan for the 2022-2023 budget envisages increasing the revenue growth rates by 17 percent to reach 89 billion dollars.

In addition, spending will grow 16 percent to reach 172 billion dollars, which includes investments, salaries and funds for the social system.

During the meeting, the head of State urged several cabinet members to take steps to mitigate the effects of the global economic repercussions due to the conflict in Ukraine.

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