Egypt registers first-half primary surplus of EGP 3.2 billion

Egypt registered a primary surplus of 3.2 billion Egyptian pounds ($204.34 million) in the July-December period of the financial year 2021/2022, a Cabinet statement cited the finance minister as saying on Wednesday.

Finance Minister Mohamed Maait has attributed the surplus in the first six months of the financial year to higher tax revenues, which hiked 15.7 percent.

Government spending also rose 12 percent year-on-year to 82 billion pounds in the first half of the financial year, with higher allocation dedicated for health services and projects such as the Decent Life initiative.