Dr. Mohamed Maait, Minister of Finance, confirmed that we are committed to achieving financial targets during the current fiscal year, which ends at the end of next June, despite the severity of global pressures and challenges to which the Egyptian economy is exposed, and the coinciding rumors spread by lurkers in Egypt, in a miserable attempt to destabilize the stability and cohesion of the national economy. Explaining that we aim to record a primary surplus of 1.5% of GDP during the current fiscal year, which will rise to 2.5% in the next fiscal year and the following years. In a way that contributes to reducing the debt-to-GDP ratio to less than 80% by 2026/2027, as the Ministry of Finance was able to maintain a first surplus for the fifth year in a row, at a rate of 1.3% last June.
The minister added, in response to the inaccurate data published by one of the news agencies as part of the fierce attack launched by the lurkers in Egypt, that the targeted budget deficit rate by the end of June 2023/2024 is 6.5% of GDP, down from 6.8% in the fiscal year. 2020/2021, but the expected budget deficit rate in the next fiscal year is 6.96%, as a result of the rise in interest rates in the local and international markets and the increase in spending on social protection, and meeting basic needs in light of the unprecedented rise in global prices of commodities, grains, food and fuel.
The minister renewed his emphasis on the cohesion of the Egyptian economy, its ability to withstand and deal flexibly with global crises, saying: “The Egyptian economy is standing on its two legs in the face of external shocks, and that Egypt will overcome these global challenges as many crises are, especially since we have a diversity of income sources, And they are able to attract foreign direct investment.
The minister indicated that the Egyptian economy attracted large foreign investments during the first half of the current fiscal year and also attracted financial resources from many international institutions, despite the severity of the exceptional global conditions, and the Egyptian economy still has the ability to attract foreign flows, and that the measures taken by the government And the measures and reforms it implements to enable the local and foreign private sector contribute to the speedy return of the Egyptian economy to strong and sustainable growth, explaining that the “government proposals” program within the framework of the state ownership policy document opens horizons for foreign investments.
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The minister called on the media to investigate accuracy and objectivity, and to draw information from its correct sources, especially in light of the rumors that the Egyptian economy is witnessing and the inaccurate data being circulated by lurkers.