Cairo - Mubasher: The Egyptian minister of finance said that public revenues rose by 18.5% in fiscal year 2017/2018.
Revenues reached EGP 781.1 billion in FY17/18, reaching 90.6% of the ministry’s target, minister Mohamed Maait said in a statement on Thursday.
Public expenditure reached EGP 1.205 trillion, growing by 17% year-on-year, which resulted from the increase in social spending, the minister noted.
The Egyptian economy grew by more than 5% for the first time in a decade, the statement highlighted, expecting economic growth to reach 5.8% in FY18/19, with the unemployment rate decreasing to 11%.
