Egypt ranked 2nd among world’s biggest budget surpluses: Finance minister

Egypt ranked 2nd among world’s biggest budget surpluses: Finance minister

Egypt achieved an initial budget surplus of EGP 103 billion during the last fiscal year, Finance Minister Mohamed Maait said.

Such an unprecedented initial surplus, representing 2 percent of the GDP, makes Egypt the second among the world’s biggest budget surpluses, after Ecuador, Maait noted during a meeting of the parliament’s budget and planning committee on Monday 24/2/2020.

Overall budget deficit was even lower than expected, recording 8.2 percent by the end of the FY 2018-2019 instead of 8.4 percent, the minister added, highlighting a constant decline in the public-debt-to-GDP ratio, registering 90.2 percent in June.

The government seeks to lower this ratio to 83 percent by June 2020, Maait pointed out.

Source: State Information Service Egypt