Cairo - Mubasher: Egypt's government investments surged by 50.5% year-on-year (YoY) to EGP 289 billion during fiscal year (FY) 2020/2021. 

Allocations for government investments in FY21/22 amounted to EGP 358.1 billion as the public treasury-financed investments increased by 28% YoY, the Minister of Finance, Mohamed Maait, said in a statement on Thursday. 

The allocated government investments in the current fiscal year are six times higher than those in FY13/14 which reflects the government's commitment to meet the citizen's needs and attract new investments.

In FY20/21, Egypt achieved a primary surplus of EGP 93.1 billion or 1.4% of the country's gross domestic product (GDP). The overall budget deficit narrowed to 7.4% of GDP in FY20/21, compared to 8% a year earlier.

The public debt declined to 90.6% of GDP in FY20/21, compared to 108% in FY16/17.