International Courant
Finance Minister Mohamed Maait stated there was worldwide reward for the Egyptian economic system’s success in attaining better-than-target indicators over the previous 9 months, regardless of the heavy impression of world and regional crises.
In a press release on Sunday, April 14, 2024, Maait stated the economic system has managed to succeed in an preliminary surplus of three % of gross home product price P416 billion, with an annual progress charge of greater than 8.5 instances.
Non-tax revenues elevated by 122.9 %, whereas tax revenues amounting to multiple trillion kilos have been achieved with a progress charge of 41.2 % within the face of all of the challenges going through the Egyptian economic system and with out new burdens on the shoulders of residents or traders.
The general price range deficit stood at 5.42 %, regardless of the impression of world and regional crises and excessive rates of interest, he stated, pointing to the 19 % decline in investments financed from the general public treasury to make room for the non-public sector.
“We purpose to scale back debt service to 30 % of presidency expenditure within the medium time period, as a part of an built-in technique to put the debt service on a downward path and attain 80 % by June 2027.
“We purpose to realize a debt portfolio maturity of three.3 years by the top of June 2024 to ease the financing wants of the overall price range,” the minister stated.
Maait speaks of worldwide applause for Egypt’s financial indicators
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