During Monday's press conference at the Ministry of Finance, To review the financial performance of the Egyptian general budget, Egyptian Minister of Finance Mohamed Ma 'iet

said, Egypt's economy has doubled 3 times over the past six years. development financing ", at rates higher than the Government's indebtedness, reflecting the Government's success in channelling development financing into real investment and meaningful projects and initiatives that have contributed to the unprecedented improvement of infrastructure are becoming more attractive and stimulating for private sector investment to help drive economic activity and create jobs for citizens

The country's revenue grew by 19.6% to 1.32 trillion pounds in the previous fiscal year, which ended in June, with tax revenues rising 18.7% to 990 billion pounds.

Compared to a global average of 3.2% for emerging economies, Ma 'ah explained, That the real performance indicators we achieved during the last fiscal year ended June 2022, reported response to all rumors, We recorded the highest growth rate since 2008 at 6.6% of GDP. The unemployment rate fell to 7.2 percent in June 2022, providing 826 thousand jobs. The budget deficit fell from 13% in fiscal year 2012-2013 to 6.1% of GDP last fiscal year budget deficit ", thus, for the first time in years, the budget deficit rate is lower than the average of emerging States.

He also noted that the government managed to achieve a first surplus for the fifth consecutive year of 100 billion pounds and 1.3% of domestic product, thus making Egypt one of the few emerging economies to achieve an initial surplus last fiscal year 2021-2022

The Egyptian Finance Minister added that Egypt was one of a few countries to achieve an initial surplus of 1, 3bn last financial year.

According to the Minister: "This came compared to its counterpart from emerging countries, which achieved an initial deficit of 4.7% and reduced the total budget deficit by 6.1%, reflecting our ability to deal flexibly with global economic variables, achieve the desired financial discipline and maintain the government's safe economic path."

In contrast, the Finance Minister said that as a result of the exchange rate move in 2021-2022, there was a 4% increase in public debt relative to GDP, registering 85.3%.

Egypt targets a deficit of 4% in fiscal year 2026-2027.

Ma 'aet said he expected the total budget deficit to fall to 5.6% in the current fiscal year 2022-2023 and 5% in the next fiscal year from 6.1% in last year's budget.

Referring to the IMF loan, Ma 'ah stressed that negotiations with IMF were ongoing, stressing that IMF had never requested the lifting of support for bread or ration goods, that the amount of funding targeted by IMF had not yet been determined, and that IMF had not requested the cancellation of reduced interest financing initiatives.