Egypt’s Finance Minister, Ahmed Kouchouk, announced on Wednesday that the country’s total budget deficit for the fiscal year 2023-2024, ending on June 30, decreased to 505 billion pounds ($10.5 billion), down from 610 billion pounds the previous fiscal year.
Kouchouk noted that Egypt recorded a primary surplus of 857 billion pounds in the 2023-2024 budget, compared to 164 billion pounds in the previous year.
In March, Egypt allowed the pound to depreciate by 29 percent against the dollar to curb rising inflation. The pound had been stable at 30.85 per dollar for a year before dropping to around 50 pounds and is currently trading at approximately 47 pounds per dollar.
The minister explained that revenues increased by about 59.3 percent in 2023-2024.
Following the currency devaluation, Egypt raised prices for essential subsidized goods like bread and fuel in an effort to reduce the budget deficit.
