Egypt targeting 5.4% real GDP growth, budget deficit decrease to 6.7% in FY2021/2022

Egypt is targeting a 5.4 percent real GDP growth in FY2021/2022 and eying decreasing the budget deficit to GDP ratio to 6.7 percent, Minister of Finance Mohamed Maait announced.

Maait made his statement while delivering the government’s fiscal statement for the FY2021/2022 draft budget before the general assembly meeting held on Sunday.

Maait also said that the FY2021/22 budget is targeting a 1.5 percent budget initial surplus.

FY2021/22 budget revenues are estimated at EGP 1.3 trillion, while expenses are expected to post EGP 1.8 trillion, according to Maait.

He also added that the FY2021/22 budget is witnessing an unprecedented increase in public investment allocations, reaching EGP 358.1 billion, with a growth rate of 27.6 percent compared to the allocations of the FY2020/21 budget.