Egypt narrows budget deficit to EGP 505b in FY23/24

Egypt’s government was successful to bring down the total budget deficit for fiscal year 2023/24 to 505 billion Egyptian pounds ($10.5 billion), compared to 610 billion pounds in the previous year, according to Finance Minister, Ahmed Kouchouk, said on Wednesday.

The country also recorded a surplus of 857 billion pounds in the latest budget compared to 164 billion pounds in the previous year, he told a Cabinet meeting. He also said that the country’s revenues increased by approximately 59.3 per cent in 2023/24.

Egypt devalued its currency in March to control inflation, with the pound now trading at around 48 to the dollar.

Attribution: Reuters