President El-Sisi gave directives to continue developing the performance and improving the efficiency of project implementation to improve the indicators of the general budget and reduce the overall budget deficit.
President El Sisi met with Prime Minister Mostafa Madbouly and Finance Minister Mohamed Maait to follow-up on the financial performance indicators of the general budget.
Maait outlined and presented the ministry’s efforts to increase the supply of goods and services by improving the investment climate, developing the infrastructure, enhancing competitiveness as well as improving productivity to achieve higher growth rates, while continuing the intensive efforts aimed at reducing inflation.
President El-Sisi gave directives to continue developing the performance and improving the efficiency of project implementation to improve the indicators of the general budget and reduce the overall budget deficit.
Egypt's budget deficit has nearly doubled year over year in the first quarter of the current fiscal year, according to the Finance Ministry's latest monthly report. The deficit has widened to almost 3.9% of GDP in in the first quarter of the Fiscal Year 2023/2024 (FY23/24), compared to almost 2.1% in the previous year.
This report attributed this surge to a 120.1% increase in the interest payment of loans, interest payments increased to EGP 477.493 billion between the beginning of July and the end of September from EGP 216.94 billion a year earlier.
