10 Apr 2022

The Minister of Finance stated the government’s current budget targets in a meeting with investors. One of the key goals is to reduce the Debt-to-GDP ratio to under 90% by the end of FY21/22, and down to 85% by 2025. For FY21/22, the target is a primary surplus of 1.3% of GDP and a budget deficit of under 6.2%. GDP growth for FY21/22 is expected to come in at 5.7% despite the severe global economic repercussions of the Russia-Ukraine conflict. The Minister also revealed that tax revenues went up by about 14% during 8M21/22. He credited the government’s extensive economic reforms for allowing Egypt’s economy to exhibit resilience and growth in the face of global economic shocks, while attracting investments and stimulating the private sector. Note that the Egyptian economy posted a spectacular 9% GDP growth in 1H21/22. (Sources: Ministry of Finance, Daily News Egypt (English), Egypt Independent (English), al-Sharq al-Awsat (English) (Arabic), Amwal al-Ghad, al-Youm al-Saabe, al-Masry al-Youm, al-Shurouk, Masrawy, CNBC Arabia, al-Arabiya, RT)