Cairo – Mubasher: Egypt's minister of finance Mohamed Maait has said that preliminary indicators of the country's budget for fiscal year 2017/2018 confirm a major financial improvement added to the first preliminary budget surplus in over 15 years.

Data also showed a decline in overall deficit-to-gross domestic product (GDP) on the back of higher public revenues, which exceeded the annual growth rate for public expenses added to improved tax collection, a statement by Egypt's Presidential office said, citing the minister as saying.

The announcement was made during a meeting chaired by President AbdelFattah El Sisi with prime minister Mostafa Madbouli and finance minister Mohamed Maait.

The meeting tackled the budget for the current fiscal year (2018/2019), which Maait said would continue to bear the fruits of Egypt's economic reform programme.

The new budget will focus on increasing spending in the fields of human resources and development, in addition to the continued focus on major infrastructure development projects spearheaded by public transportation, water utilities, wastewater, and the development of slums, the statement showed.

The government will also focus on raising productivity and competition levels, particularly in the industrial and export-related sectors.