Ahmad 
The Egyptian Minister of Finance, Ahmed Kajouk, announced in a statement issued today that the total deficit in Egypt’s general budget decreased during the fiscal year 2023-2024 by 17%.
During the fiscal year ending last June 30, it decreased to 505 billion pounds ($10.5 billion), compared to 610 billion pounds in the previous fiscal year.
The minister pointed out that Egypt recorded a primary surplus of 857 billion pounds in the 2023-2024 budget, compared to 164 billion pounds in the previous fiscal year, which reflects a noticeable improvement in financial performance.
The Egyptian government allowed the pound’s exchange rate to decline by 29% against the dollar last March, with the aim of reducing the rise in inflation.
The pound stabilized at 30.85 pounds to the dollar for a year before falling to about 50 pounds and is currently trading at about 47 pounds to the dollar on the black market.
Kajouk added that revenues achieved annual growth of 59.3% during the fiscal year 2023-2024, noting that the total budget deficit was less than what was included in the amended budget by about 706 billion pounds.
The Minister reviewed the future estimates of the budget for the next fiscal year 2024-2025, explaining that the Ministry of Finance aims to put the budget debt on a downward path, as part of the government’s efforts to improve financial sustainability.
It is noteworthy that since the devaluation of the currency, Egypt has raised the prices of subsidized basic commodities such as bread and fuel, in an attempt to reduce the budget deficit, which reflects the government’s commitment to the economic reforms necessary to achieve financial stability.
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