Egypt's economy achieved positive growth rates in 2021/22

Egypt's economy achieved positive growth rates in FY 2021/2022, finance minister Mohamed Maait told representatives of Japanese companies operating in Egypt during a meeting on Wednesday. 

The meeting was organised by the Japanese Businessmen Association (JPA) and attended by Japanese Ambassador to Egypt Oka Hiroshi.

Egypt achieved a primary surplus in FY 2021/2022, amounting to 1.3 percent of GDP, said the minister, adding that the budget's overall deficit slashed to 6.1 percent.

He added that Egypt's debt-to-GDP ratio dropped to 87.2 percent in June 2022.

The figures reflect the resilience of the Egyptian economy among international financial institutions, Maait said. 

Egypt's mega projects have contributed to attaining a growth rate of 6.6 percent in FY 2021/2022, he pointed out. 

The projects also contributed to providing thousands of job opportunities, despite the ongoing global challenges arising from the fallout from the Covid-19 pandemic and the adverse impacts of the Ukrainian crisis, the minister added.