Egypt achieves primary surplus of EGP 14bn during H1 FY20/21 despite COVID-19

Egypt recorded a primary surplus of EGP 14 billion during the first half (H1) of fiscal year 2020/2021 despite the negative impact of the coronavirus (COVID-19) pandemic on economy, the Minister of Finance, Mohamed Maait, revealed, citing preliminary data.

The country’s revenues rose by 16% during the July-December period of 2020, Maait said in a statement on Thursday.

In addition, the overall budget deficit narrowed to 3.6% during the six-month period, compared to 4.1% in the year-ago period.

Expenditures grew by 9.6% on the back of higher government provisions for investments and social protection programmes, the payment of dues to the pension fund, and higher spending on health and educations sectors.

The ministry succeeded in extending the debt maturity to 3.2 years in June 2020, compared to 1.3 years in June 2013 and 1.8 years in June 2014.

The country aims to extend the debt tenor to 3.8 years by the end of June 2021.