Egypt total budget deficit at 505 bln pounds in 2023/24, finance minister says

Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.

The country recorded a preliminary surplus of 857 billion Egyptian pounds in the 2023/24 budget compared with 164 billion Egyptian pounds in the previous year, the minister added.

Egypt devalued its currency in March to curb rising inflation. The pound was fixed at 30.85 per dollar for a year before plunging towards 50, and it is now trading at around 47 to the dollar.

Revenues went up by around 59.3% in 2023/24, the minister added.

Egypt let its pound plunge by around 29% in March and have since increased the prices of essential subsidies like bread and fuel in a bid to limit the budget deficit.