The total deficit decreased to 3.6% of the local output, instead of 6.1% in the previous fiscal year, the minister of finance indicated.
This surplus was then utilized to cover a portion of the interest payments on the public debt. As a result, the overall deficit of the country decreased to 6% of the gross domestic product by June 2023.
He added that Egypt will allocate EGP 575 billion for wages, EGP 636 billion for subsidies, grants, and social benefits, with EGP 144 billion reserved for basic food supplies and EGP 154 billion for petroleum product subsidies.
