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
Human Rights Watch has accused an Abu Dhabi-based security company of recruiting Colombian private military contractors and deploying them to fight alongside Sudan's Rapid Support Forces (RSF) between 2024 and 2025, adding to what the rights group describes as a growing body of evidence of Emirati military support for the paramilitary group.
Farmers across Sudan say the hike in global fuel and fertilizer costs resulting from the Iran conflict will force them to cut back on planting this summer, restricting food production in a country where war has caused acute hunger.
In a post published Monday on Truth Social, President Donald Trump issued what amounts to a sweeping diplomatic ultimatum to the Arab and Muslim world: normalise with Israel through the Abraham Accords, or forfeit any role in the Iran agreement he is working to finalise.
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.