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Egypt Expects to Achieve Primary Surplus of 5.75% of GDP in Current Fiscal Year

The Egyptian capital, Cairo (Getty)
The Egyptian capital, Cairo (Getty)
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Egypt Expects to Achieve Primary Surplus of 5.75% of GDP in Current Fiscal Year

The Egyptian capital, Cairo (Getty)
The Egyptian capital, Cairo (Getty)

Egypt’s Finance Minister Mohamed Maait said on Tuesday that the state’s general budget was likely to achieve a primary surplus of 5.75 percent of the gross domestic product in the fiscal year 2023-2024, as the treasury has collected $12 billion from the Ras al-Hekma investment partnership deal with the UAE.

Presenting the financial statement for the 2024-2025 general budget before the House of Representatives, Maait noted that the total budget deficit by the end of the current fiscal year was expected to reach EGP555 billion, or 4 percent of the GDP. As for the total deficit expected for the next fiscal year, the minister said that it would reach about EGP1.2 trillion, or 7.3 percent of the GDP.

He added that Egypt aims to achieve a primary surplus of EGP591.4 billion, or 3.5 percent of GDP, in the next fiscal year 2024-2025.

According to data published on the Ministry of Finance website, Egypt aims to achieve a primary surplus of 2.5 percent of GDP in the budget for the current fiscal year.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.