Additional allocation of EGP 80bn won’t affect Egypt’s 19/20 budget deficit

Assigning additional 80 billion Egyptian pounds to Egypt’s budget for fiscal year 2019/2020 will have no impact on the country’s overall budget deficit, the Minister of Finance, Mohamed Maait, said.

The allocation has helped in taking some measures that contribute to reducing the debt service burden in FY20/21 and the coming years by taking advantage of the low yields on local debt instruments as compared to the previous years, Maait added.

The ministry also worked on the acceleration of due payments to the Ministry of Petroleum and Mineral Resources and the Ministry of Electricity and Renewable Energy.