Egypt's Budget Deficit Sees Significant Decline

Egypt's total budget deficit decreased to 505 billion Egyptian pounds in the fiscal year 2023/24, significantly down from 610 billion pounds the previous year. A substantial preliminary budget surplus of 857 billion pounds was also recorded. Egypt devalued its currency in March to tackle rising inflation.

Egypt's total budget deficit has notably fallen to 505 billion Egyptian pounds ($10.48 billion) in the fiscal year 2023/24, down from 610 billion pounds in the previous year, as announced by the finance minister on Wednesday.

The nation reported a preliminary budget surplus of 857 billion Egyptian pounds for 2023/24, a remarkable increase from just 164 Egyptian pounds the prior year, according to the finance minister's statement.

In efforts to control rising inflation, Egypt devalued its currency in March. The Egyptian pound, initially fixed at 30.85 per dollar for a year, has since plummeted to nearly 50 before stabilizing around 47 per dollar. ($1 = 48.1700 Egyptian pounds)

(With inputs from agencies.)