Egypt’s budget deficit narrows to 9.8% in FY 2017-18

Cairo: Egypt’s budget deficit for the 2017-2018 fiscal year was 9.8 per cent of gross domestic product (GDP), down from 10.9 per cent the previous year, deputy finance minister Ahmed Kouchouk said on Thursday. Egypt achieved a primary fiscal surplus for the first time in 15 years, making four billion Egyptian pounds ($224 million), Kouchouk said in a news conference. Tax revenues increased by 36 per cent in fiscal year 2017-2018, to 628 billion Egyptian pounds, he added. Egypt increased subsidies on fuel to 121 billion Egyptian pounds, up from previous projections of 110 billion pounds, Kouchouk said.