Egypt achieves first surplus in 2018 budget

Media In – Rasha el sharkawy 5 June

Egyptian Finance Minister Mohamed Meit announced an initial surplus of 0.2% in the fiscal year 2017-2018, which ended on June 30. The expected revenues for the current fiscal year 2018-2019 will be 989 billion pounds ($ 55.47 billion), of which Egypt will pay 817 billion pounds of interest and debt installments, he said at a press conference on Tuesday. The new IMF review under a 12-billion-dollar loan program for three years will take place in November, he said. He referred to the announcement of the new international bond offering for the financial year 2018-2019 and its size “within a short period”.