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Egypt registers primary surplus of 1.4% of GDP in FY 2020-2021 - statement

07/25/2021 | 01:05pm EDT

CAIRO (Reuters) - Egypt has registered a primary surplus of 93.1 billion Egyptian pounds ($5.92 billion), or around 1.4% of its gross domestic product (GDP,) in the financial year that ended in June, the presidency said in a statement on Sunday.

Egypt had achieved a primary budget surplus - excluding interest payments - of 2% before the coronavirus pandemic hit, its prime minister said in April, adding that his government aimed to return to that same level in the coming years.

Egypt also registered a budget deficit of 7.4% in FY 2020-2021, down from 8% a year prior, the presidency statement said.

The government had been targeting an overall budget deficit of 7.8% and a primary surplus of 0.9% of GDP.

The country saw its debt-to-GDP ratio drop to 90.6% in the 2020-2021 financial year "due to the country's ability to increase the tenor of its debt to 3.45 years as of June 2021".

($1 = 15.7160 Egyptian pounds)

(Reporting by Mohamed Waly; Writing by Nadine Awadalla and Malaika Tapper; Editing by Alex Richardson and Yousef Saba)


ę Reuters 2021
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