Egypt’s initial surplus grows more than 8-fold y-o-y in 9 months –minister

Egypt registered an initial budget surplus of 416 billion Egyptian pounds ($8.75 billion) in the first nine months of its 2023/2024 financial year, Finance Minister Mohamed Maait said in a statement released by the Cabinet on Monday.

“The Egyptian economy is now beginning to reap the fruits of its structural reform policies by making the private sector the engine of growth and economic stability and development, attracting more investment inflows and outflows.” Minister Maait noted.

“We have registered an initial surplus of 416 billion pounds – around 3 per cent of gross domestic product (GDP) for the July-March period of the financial year 2023/2024, compared to 50 billion pounds – around 0.5 per cent of GDP in the same corresponding period, marking an annual growth of more than 8 and half-fold.”  the minister added.

The minister attributed the surplus in the first nine months of the financial year to the state treasury’s receiving of 179 billion pounds, around 1.3 per cent of the GDP, from Ras Al-Hekma Project.