Egypt’s debt devours public income surplus, the minister says

Egypt’s debt prices have absorbed the budget surplus, Finance Minister Mohamed Mait announced yesterday.

“The public budget has a total primary surplus of 104 billion Egyptian pounds [$6.6 billion],” Maait told lawmakers, adding that revenue would cover government spending. “An additional £104 billion will be spent on reducing the cost of debt,” he said.

The government, Maite said, insists that revenues “exceed our public expenditures in current and future budgets to reduce public debt”.

“Without the COVID-19 crisis, Egypt will reduce its national debt further,” added the minister, confirming that the government plans to further reduce its national debt. He “demanded” more investment to increase wages. “

“Egypt has generated real tax revenue,” Maait said, noting that investment “doubled compared to fiscal 2014–15” when the official figure stood at £61 billion (US$3.9 billion).