Egypt has achieved a primary surplus of 416 billion pounds, which amounts to 3% of GDP, in the fiscal year 2023-2024. This was accompanied by an annual growth rate that exceeded 8.5 times, despite global and regional crises. The expansion of business mechanization aimed at broadening the tax base and formalizing the informal economy without imposing new burdens on citizens or investors.
Investments funded by the state’s public treasury decreased by 19% to create more opportunities for the private sector, resulting in a total deficit stabilizing at 5.4%. Despite these challenges, Egypt aims to reduce its debt service bill to 30% of public expenditures in the medium term and bring its debt rate down to 80% by June 2027. Additionally, the goal is to reduce the lifespan of its debt portfolio to just over three years by June 2024 to alleviate financing needs in its general budget.
The Ministry’s Investor Relations Unit engages in open dialogue with around 2,000 investment institutions worldwide throughout the year. They issue monthly reports on economic performance indicators, debt, deficit, and primary surplus rates to provide accurate data to foreign investors on Egypt’s economic situation.
