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.
Egypt’s budget deficit narrows to 9.8% in FY 2017-18
Egypt achieved a primary fiscal surplus for the first time in 15 years