Cairo – Mubasher: The Egyptian government targets a 9% year-on-year (YoY) growth in expenditures in fiscal year (FY) 2021/2022.
The country also aims to cut the overall budget deficit to 6.6% of the gross domestic product (GDP) in the coming fiscal year and achieve a primary surplus of 1.5% of GDP, the Minister of Finance, Mohamed Maait, said in a statement on Monday.
The most populous Arab nation’s GDP grew by 2% in the second quarter (Q2) of FY20/21, with expectations that growth will accelerate to 2.8% in Q3 and 5.3% in Q4.
During the first half (H1) of FY20/21, Egypt posted an average GDP growth rate of 1.35%, compared to 5.6% in the corresponding period a year earlier.
