The largest surge of inflows, approximately $40.5 billion, was recorded in the second half of the fiscal year, mainly due to the execution of the Ras El Hekma agreement valued at $35 billion
The overall surplus was largely driven by a substantial performance in the second half of FY2023/2024, where it soared to $10.1 billion, attributed to structural reforms implemented on March 6, 2024, which bolstered investor confidence
Egypt improved its standing by six points in the 2023 Open Budget Survey, now ranking 63rd out of 125 countries
The government was able to close the fiscal year with a primary surplus of EGP 21.6 billion, up from EGP 10.2 billion during the same period the previous year, according to the report
The debt service bill is still high due to high inflation and interest rates, and Egypt aims to reduce it to 35% of total expenses in the medium term, He added.
