FRA approves establishment of five new firms for investment fund management, SME financing    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EGP 7bn initial surplus in 10M current FY: El-Garhy
Government aims to achieve initial surplus of 2% of GDP, reduce budget deficit to 8.5% of GDP next FY, finance minister says
Nihal Samir Published in Daily News Egypt on 20 - 05 - 2018

Minister of Finance Amr El-Garhy said that during the first 10 months (10M) of the current fiscal year (FY), the state budget achieved an initial surplus of about 0.2% of GDP, equivalent to EGP 7bn, for the first time in 15 years.
The announcement was made during the president's meeting on Saturday with Prime Minister Sherif Ismail, Minister of Electricity Mohamed Shaker, Minister of Petroleum Tarek El-Molla, El-Garhy, Deputy Finance Minister Ahmed Kouchouk, and the acting head of the General Intelligence Service, Abbas Kamel.
"During the meeting, El-Garhy presented to President Abdel Fattah Al-Sisi on Saturday the results of the financial performance during the first ten months, pointing out that the budget deficit fell to 9.8% of GDP compared to 10.9% in the previous year," according to a statement issued by the presidency.
The minister attributed the budget surplus to an increase of 35% in public revenue to reach EGP 578bn, through an increase in tax revenues of 45% to reach EGP 471bn during 10M FY 2017.
Presidency spokesperson Bassam Rady said that the president discussed the draft of the state budget for the coming FY 2018/2019.
In that regard, the minister pointed out that the government aims to achieve an initial surplus of 2% of GDP and reduce the budget deficit to 8.5% of GDP.
El-Garhy stressed that the new state budget targets increasing spending on basic services and infrastructure development in all governorates, as well as increasing social protection allocations directed to citizens most in need.

Clic here to read the story from its source.