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Egypt Achieves Highest Budget Surplus in 15 Years

The 0.2% budget surplus is definitely a welcome confidence booster to the country’s recovering economy.

In a turn of slightly optimistic news for all you economists (or otherwise) out there, Finance Minister Dr. Mohamed Maait has gone on record this past Thursday announcing the country’s highest budget surplus in 15 years. According to Maait, an 0.2% overflow (EGP 4 billion) in the 2017/2018 fiscal year has been achieved – a billion stronger than the last fiscal year’s EGP 3 billion (Egypt’s fiscal year runs from July to June).

Call it whatever you want to (we prefer progress), but the country’s economy has been steadily on the path to recovery for quite some time, with foreign reserves rising to a record $44.258 billion from $44.139 billion by the end of June alone. However, 2017/2018’s budget deficit landed squared on 9.8%, as opposed to the Finance Ministry’s projected 9.1%. You can blame rapidly rising fuel prices in addition to the world’s economy being about as stable as you’d expect it to be.

The Ministry hopes to work towards a 2% surplus for the current 2018/2019 fiscal year – ambitious to say the least.

Main image from Middle East Online.


Todays Events
Manic Monday: Freya @  Cairo Jazz
Clubs
Date: 9/24/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Funktion of Funk: Sewwes @ The Tap East
Bars
Date: 9/24/2018
Time: 10:00pm - 3:00am
Venue: The Tap East
Mazeek @ CJC 610
Bars
Date: 9/24/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
Jam  Night  @ The Tap Maadi
Bars
Date: 9/24/2018
Time: 9:00pm - 3:00am
Venue: The Tap Maadi
Amshoq 48 @ Mashrabia Gallery
Exhibitions
Date: 9/24/2018
Time: 11:00am - 8:00pm
Venue: Mashrabia Art Gallery
Children's Modern  Ballet Classes @ El Sawy
Kids Activities
Date: 9/24/2018
Time: 2:00pm - 3:30pm
Venue: El Sawy Culturewheel
Board Games Night @ Gramophone
Variety
Date: 9/24/2018
Time: 6:00pm - 11:00pm
Venue: Gramophone
Miss-Behave @ Saigon
Bars
Date: 9/24/2018
Time: 9:00pm - 1:00am
Venue: Saigon Restaurant and Lounge