Egypt expects primary budget surplus of no less than 3.5% next year

Egypt expects a primary surplus of no less than 3.5% in the fiscal year beginning on July 1, finance minister Mohamed Maait told a news conference on Sunday.

Egypt was aiming to keep its debt ratio at under 90% of gross domestic product, Maait said.

He was speaking four days after Egypt devalued its currency to around 50 Egyptian pounds to the dollar from 30.85 pounds, raised its key overnight interest rates by 600 basis points and announced an expanded, $8 billion financial support agreement with the International Monetary Fund.