Egypt plans lower budget deficit to hit 6.7% in FY2021/22 – minister

Egypt plans to run a much lower budget deficit to reach 6.7 percent in the current financial year 2021/2022, which started in July 1, Finance Minister Mohamed Maait said on Thursday.

Egypt’s budget deficit fell to 7.8 percent in the financial year 2020/2021, which ended on June 30, down from 12 percent in the financial year 2013/2014.

Maait said that the budget’s initial surplus reached 1.8 percent in the financial year 2019/20, which fell to 1.1 percent in the financial year 2020/21 instead of an initial deficit of 3.5 percent in the financial year 2014/15.

Inflation sharply fell to 4.5 percent in 2021, down from 22 percent in 2017, the minister added.