Egypt Budget hits record surplus
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It has been 6 years since Egypt's budget deficit fell below 10% of the GDP! in the fiscal year 2017/2018 Egypt achieved this by reaching 9.8%.
This fiscal year also saw for the first time in 15 years that the fiscal year ended with a primary surplus reaching up to EGP 4.4 billion. However this surplus was used for paying up interest on government debts.
Tax revenues recorded a 27% increase compared to the previous fiscal year, reaching up to EGP 566 billion. This was along with an increase in income tax revenues and subsidies while the government also increased the share of Takaful and Karama social security programs for low income citizens.
This fiscal year also saw for the first time in 15 years that the fiscal year ended with a primary surplus reaching up to EGP 4.4 billion. However this surplus was used for paying up interest on government debts.
Tax revenues recorded a 27% increase compared to the previous fiscal year, reaching up to EGP 566 billion. This was along with an increase in income tax revenues and subsidies while the government also increased the share of Takaful and Karama social security programs for low income citizens.