The Minister of Finance said Egypt’s economy grew by 5.3% in the first half of the current fiscal year during a meeting with international investors in Washington, driven by private sector investments, while also highlighting that the budget deficit narrowed to 5.2% of GDP from 6% the previous year and a primary surplus of 3.5% of GDP was achieved between July and March due to higher domestic revenues, with tax revenues rising by 29% supported by stronger private sector activity and increased business confidence. He added that external debt of budget agencies dropped by about $4 billion compared to 2023 and that the debt-to-GDP ratio declined by around 13% over two years, in contrast to increases in other emerging markets, with credit rating agencies maintaining a stable and positive outlook. The minister also pointed to improvements in tourism, non-oil exports, remittances, and foreign direct investment, and said the government managed recent economic challenges quickly and effectively with strong coordination between agencies and clear communication with investors. He outlined key fiscal priorities including maintaining financial discipline, reducing debt, improving competitiveness, and balancing reforms with economic support and targeted social protection, while confirming continued commitment to reforms and initiatives that support tourism, production, exports, and entrepreneurship.
