Egypt total budget deficit at EGP 505 billion in 2023/24: Finance Minister

CAIRO (REUTERS)

Egypt's total budget deficit fell to EGP 505 billion in fiscal 2023/24 (ended on June 30), compared with EGP 610 billion during the previous year, the country's finance minister, Ahmed Kouchouk, said in a statement on Wednesday.

Egypt recorded a preliminary surplus of EGP 857 billion in the 2023/24 budget compared with EGP 164 billion in the previous year, he explained.

Egypt devalued its currency in March to curb rising inflation. The pound was fixed at 30.85 per dollar for a year before plunging towards 50, and it is now trading at around 47 to the dollar.

Revenues went up by around 59.3 percent in 2023/24, Kouchouk added.