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Egypt achieves primary surplus of EGP 14bn in H1-20/21 despite COVID-19

Egypt achieves primary surplus of EGP 14bn in H1-20/21 despite COVID-19
The country aims to extend the debt maturity to 3.8 years by the end of June 2021.

Cairo – Mubasher: Egypt recorded a primary surplus of EGP 14 billion during the first half (H1) of fiscal year 2020/2021 despite the negative impact of the coronavirus (COVID-19) pandemic on economy, the Minister of Finance, Mohamed Maait, revealed, citing preliminary data.

The country’s revenues rose by 16% to EGP 453 billion during the July-December period of 2020, compared to EGP 391 billion Maait said in a statement on Thursday.

In addition, the overall budget deficit narrowed to 3.6% during the six-month period, compared to 4.1%.

Expenditures grew by 9.6% YoY to EGP 681.2 billion from EGP 621.6 billion on the back of higher government provisions for investments and social protection programmes, the payment of dues to the Pension Fund, and higher spending on health and educations sectors.

The ministry succeeded in extending the debt maturity to 3.2 years in June 2020, compared to 1.3 years in June 2013 and 1.8 years in June 2014.

The country aims to extend the debt tenor further to 3.8 years by the end of June 2021.