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)