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
The U.S. on Tuesday imposed sanctions on actors it accused of fueling the war in Sudan, taking aim at what it said was a transnational network that recruits former Colombian military personnel and trains soldiers, including children, to fight for the paramilitary Rapid Support Forces.
Florida’s decision to designate the Muslim Brotherhood and the Council on American-Islamic Relations (CAIR) as foreign terrorist organizations is not “controversial.” It’s overdue.
Quadcopters, electromagnetic rifles and an AI-powered navigation system were among the wares displayed at one of Africa and the Middle East’s biggest arms expos, as defence companies jostle to break into regional markets increasingly defined by drone warfare.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.