During the fiscal year 2023-2024, Egypt achieved a primary surplus of 3% of GDP, totaling 416 billion pounds, with an annual growth rate exceeding 8.5 times. This was accomplished without placing new burdens on citizens or investors thanks to the expansion of mechanization aimed at broadening the tax base and formalizing the informal economy.
Investments funded by the state’s public treasury decreased by 19% to create space for the private sector, and the total deficit stabilized at 5.4%, despite global and regional crises and an increase in interest rates. The government aims to reduce its debt service bill to 30% of public expenditures in the medium term, lowering its debt rate to 80% by June 2027. Additionally, it aims to reduce the lifespan of its debt portfolio to 3.3 years by June 2024 in order to alleviate its financing needs from general budgets.
Minister of Finance Mohamed Maait also highlighted that non-tax revenues increased by 123%, while tax revenues surpassed one trillion pounds with a growth rate of 41%, despite challenges facing the economy. The Ministry’s Investor Relations Unit conducted open dialogues with over 2,000 investment institutions worldwide throughout the year, issuing monthly reports on economic performance indicators, debt, deficit, and primary surplus rates in order to provide foreign investors with accurate and up-to-date information on Egypt’s economic situation.
