Cairo – Mubasher: Egypt’s revenues stood at EGP 390.1 billion during the first half of fiscal year 2019/2020, rising by 0.5% year-on-year, the country’s finance minister Mohamed Maait said.

However, grants offered to Egypt plunged to EGP 800 million in the six-month period ended 31 December, compared to 2.7 billion in the corresponding period of FY15/16, Maait added in a statement on Monday.

Tax revenues reached EGP 304 billion in the July-December period, while non-tax revenues grew to EGP 85.6 billion in the same period.

The most populous Arab nation achieved a primary surplus of EGP 30.5 billion in the six-month period ended 31 December 2019, compared to a primary deficit of EGP 53.8 billion in the same period of FY15/16.

Egypt also managed to narrow budget deficit to 3.8% of the country’s gross domestic product (GDP) from 6.2% in H1 of FY15/16.

Meanwhile, expenditures hiked to EGP 621.7 billion in H1 of FY19/20, compared to EGP 349.9 billion in same period of FY15/16.  

Egypt also paid the yields of Suez Canal certificates at a value of EGP 60 billion, Maait revealed.