Mubasher TV
Contact Us Advertising   العربية

Egypt’s petroleum sector records EGP 20bn surplus - MoF

Egypt’s petroleum sector records EGP 20bn surplus - MoF
Growth rate recorded 5.5% during H1-FY19/20

Cairo - Mubasher: The Egyptian petroleum sector achieved a surplus to the public treasury, for the first time in years, during the first half (H1) of fiscal year (FY) 2019/2020, the Ministry of Finance (MoF) revealed.

Egypt’s petroleum sector achieved a surplus of more than EGP 20 billion in H1-FY19/20, according to an official statement on Tuesday.

In the meantime, economic indicators improved in the July-December period of FY 19/20 with the growth rate recording 5.5% when compared to 5% in the January-March 2020 period. This was accompanied by the unemployment rate decreasing to 8% by the end of March.

An initial surplus of EGP 40.4 billion was generated in H1-19/20, compared to EGP 35.6 billion in the same period a year earlier. Moreover, tax revenues from non-sovereign bodies increased by 7% to reach EGP 412 billion prior to the economic setback due to the coronavirus (COVID-19) pandemic.

Moreover, government investment provisions soared to EGP 113 billion, of which EGP 89 billion were financed by the public treasury with a 23.2% annual increase.

Provisions for commodities and services grew by 8.5%, the statement noted.