Egypt targets 5% primary surplus as it moves to rein in debt – FinMin

Egypt plans to deliver its largest-ever primary budget surplus of 5 per cent of gross domestic product in the next fiscal year, aiming to curb public debt and ease rising debt-servicing costs, Finance Minister Ahmed Kouchouk said Saturday.

Speaking at a press conference, Kouchouk said the improved fiscal position would create space to boost social protection spending, stressing that fiscal gains must be reflected in tangible benefits for citizens.

The government is targeting an overall budget deficit of 4.9 per cent of GDP, below the average for emerging markets, he said.

Kouchouk added that authorities are working to carve out additional fiscal space to increase spending on key priorities and ensure that public-finance reforms support both households and the wider economy.

Attribution: Amwal Al Ghad English