During the meeting, Kouchouk confirmed that Egypt also reduced the budget deficit to 3.6%.
Egypt achieved a primary surplus of 6.1% during FY2023/2024, including the proceeds from the Ras El-Hekma deal, Minister of Finance, Ahmed Kouchouk, said during his meeting with British Ambassador to Egypt, Gareth Bayley.
During the meeting, Kouchouk confirmed that Egypt also reduced the budget deficit to 3.6%.
The minister pointed to his meetings with British investors to clarify the state's challenges and economic reforms.
He detailed how United Kingdom holds a crucial role as an important economic collaborator for Egypt, standing out as one of the major contributors to the Egyptian market.
Minister Kouchouk expressed Egypt's keenness to enhance joint initiatives with United Kingdom in areas of production and human advancement.
Earlier in July, Kouchouk said that Egypt's general budget achieved a primary surplus of EGP 857 billion during FY2023/2024, compared to about EGP 164 billion in FY2022/2023.
Additionally, Egypt's revenue experienced a significant annual growth of approximately 59.3%.
Moreover, the budget successfully managed to reduce the total deficit by around EGP 706 billion compared to the revised budget.
It is worth mentioning that the general budget's total deficit for the fiscal year 2023/2024 decreased to about EGP 505 billion, marking a notable improvement from the deficit of approximately EGP 610 billion in the previous fiscal year.
