In the fiscal year 2023-2024, Egypt achieved a primary surplus of 3% of GDP, totaling 416 billion pounds, with an annual growth rate exceeding 8.5 times. This was accomplished despite challenges facing the economy. The Minister of Finance, Mohamed Maait, stated that non-tax revenues increased by 123%, while tax revenues surpassed one trillion pounds with a growth rate of 41%.
The growth was achieved without placing new burdens on citizens or investors due to the expansion of mechanization aimed at broadening the tax base and formalizing the informal economy. Maait also mentioned that the total deficit stabilized at 5.4%, despite global and regional crises and an increase in interest rates. Investments funded by the state’s public treasury decreased by 19% to create space for the private sector.
Egypt’s goal is to reduce the debt service bill to 30% of public expenditures in the medium term, aiming to lower the debt rate to 80% by June 2027. Additionally, the government aims to reduce the debt portfolio’s lifespan to 3.3 years by June 2024, which will alleviate the general budget’s financing needs. The Ministry’s Investor Relations Unit conducted open dialogues with over 2,000 investment institutions worldwide throughout