Egypt’s economy achieved remarkable growth during the fiscal year 2023-2024, with a primary surplus of 3% of GDP totaling 416 billion pounds and an annual growth rate exceeding 8.5 times. This was achieved without placing new burdens on citizens or investors, thanks to the expansion of mechanization aimed at broadening the tax base and formalizing the informal economy.
The Ministry of Finance, led by Mohamed Maait, stated that non-tax revenues increased by 123%, while tax revenues surpassed one trillion pounds with a growth rate of 41%, despite challenges facing the economy. The total deficit stabilized at 5.4%, despite global and regional crises, and the 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. The government also aims to reduce the debt portfolio’s lifespan to 3.3 years by June 2024, to alleviate the general budget’s financing needs. Maait highlighted the efforts of his ministry in conducting open dialogues with about 2,000 investment institutions worldwide throughout the year. The unit issues a monthly report on economic performance indicators, debt, deficit, and primary surplus rates to provide foreign investors with accurate and up-to-date information on Egypt’s economic situation.