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27 August 12:00 AM

Egypt's general budget realizes surplus for 1st time in 10 year - min.

Egypt's Finance Minister Amr El-Garhy said the general budget has for the first time in over 10 years realized a surplus of about LE 1.9 billion.
He said this proves a great improvement in Egypt's financial indicators under the
comprehensive economic reform program implemented by the Egyptian government.

This means that the Egyptian economy is recovering and investors' confidence in it is growing, he said.

He said the period from July to May during the 2017-2018 fiscal year witnessed a breakthrough with the budget deficit plunging 7.8% against 9.3% in the same period in the previous fiscal year.

Garhy noted that tax revenues surged by 45% against 20 % over the past three years.

Government investments rose by 23% to stand at LE 75 billion, while the funds allocated for wages upped by 11.5%.

 

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