Egypt’s economy has become more resilient to global economic challenges, affirmed Finance Minister Mohamed Maait.

Affirming that the national economy is capable of dealing with consecutive domestic and international challenges, the minister added that Egypt has managed to overcome a lot of consequences associated with the coronavirus crisis, the Ukrainian crisis along with the ensuing global challenges related to the sharp increase in inflation rates.

The economic reform program made Egypt resilient in the face of internal and external shocks, he affirmed.

The general budget is flexible enough to positively deal with the global economic challenges, the minister said in a statement Friday.

With regard to the estimates of performance indicators for the entire fiscal year 2021/2022, Maait explained that an initial surplus of EGP 91 billion is expected to be achieved.

The minister also said that it is expected to reduce the budget deficit to 6.2% of the country’s total gross domestic product (GDP).

The total deficit to gross domestic product (GDP) decreased to 4.9 percent from July 2021 to March 2022, he further said.

Tax revenue also increased by 12.8 percent, in addition to maintaining the budget’s achievement of a primary surplus, added the minister.

Egypt has also managed to implement the electronic invoice system, he went on to say.

Source: State Information Service Egypt