Cairo – Mubasher: Egypt has achieved a primary budget surplus of EGP 857 billion in the fiscal year (FY) 2023/2024, up 422.56% year-on-year (YoY) from around EGP 164 billion in the previous FY, said Minister of Finance Ahmed Kochouk

Meanwhile, the overall budget deficit shrank to about EGP 505 billion in FY23/24 from EGP 610 billion in FY22/23, Kochouk added, according to a cabinet statement.

The minister highlighted that the deficit came better than government estimation, which amounted to EGP 706 billion.

In June 2024, the House of Representatives passed the new budget for FY24/25, which will see a 29% YoY increase in expenditures to EGP 3.87 trillion, or 22.60% of GDP.