Cairo - Mubasher: Egypt achieved a primary surplus of EGP 93.1 billion during fiscal year (FY) 2020/2021, making up 1.4% of the country's gross domestic product (GDP).

The country's overall budget deficit narrowed to 7.4% of GDP in FY20/21, compared to 8% a year earlier, according to a statement by the Spokesman of the Egyptian Presidency on Sunday. 

Over the 12-month period ended 30 June, revenues increased by 12.2% to EGP 119 billion, while the expenditures rose by 9% year-on-year (YoY), the statement showed. 

Thanks to extending the average maturity to 3.45 years in June 2021, compared to 1.3 years before June 2017, the public debt declined to 90.6% of GDP in FY20/21, compared to 108% in FY16/17.