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Cairo, July 27 (Prensa Latina) Egypt's budget deficit for the 2017-2018 fiscal year recorded the equivalent of 9.8% of gross domestic product (GDP); According to the statement issued today by the Ministry of Finance, it is lower than 10.9% of the previous period.
The holder of this portfolio, Mohamed Maeet, said that it is the first time in six years that the deficit falls below the benchmark of 10%.
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This is also the first time in 15 years that the final state budget account records a primary surplus; the North African country recorded a profit of 4,400 million Egyptian pounds during the 2017-2018 fiscal year (nearly 250 million dollars).
However, the statement states that the primary balance does not take into account interest payments On the current public debt
In this regard, the Minister of Finance explained that the surplus of this year was used to cover the interest obligations on the debt.
The amount of interest paid by the government increased by 38.3 percent in the last fiscal year, registering 438 billion Egyptian pounds ($ 24.5 billion).
mem / nvo
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