Egypt
One hour forward, one step toward energy resilience
As energy pressures mount, Egypt's annual time shift takes on added significance in 2026.
Egypt total budget deficit at 505 bln pounds in 2023/24, finance minister says
1 min Mena Today
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.
Revenues went up by around 59.3% in 2023/24 © Mena Today
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.
Reporting by Momen Saeed Atallah
Related
Libya
Libya saves 404 migrants in multiple boat rescues
Libya's eastern-based coast guard of the Libyan National Army rescued at least 404 migrants on board 10 boats after they had "faced harsh conditions at sea," the Tobruk Red Crescent said on Wednesday.
Algeria
Algeria opens seven oil and gas blocks to foreign investment
With global energy markets in turmoil and the world scrambling for alternatives to Gulf supplies, Algeria has moved decisively, launching an international bidding round for new hydrocarbon concessions at precisely the right moment.
Subscribe to our newsletter
