Egypt Achieves EGP 629 Billion Primary Surplus in 2024/25 Budget

 Up 80% year-on-year 

 Egypt Achieves EGP 629 Billion Primary Surplus in 2024/25 Budget

The Egyptian Presidency revealed that the state budget for the 2024/25 fiscal year achieved an unprecedented primary surplus of EGP 629 billion, or 3.6% of GDP. A statement from the Presidency on its official Facebook page explained that the primary surplus recorded an 80% annual increase compared to EGP 350 billion in 2023/24.

Finance Minister Ahmed Kouchouk stated during his meeting with President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly that this outstanding financial performance was achieved despite the budget being subjected to significant external shocks, most notably a sharp decline in Suez Canal revenues by 60% compared to the target, resulting in losses estimated at approximately EGP 145 billion compared to the budgeted amount.

The Minister emphasized that this outstanding financial performance was accompanied by significant improvements in all economic indicators and a significant increase in private investment, manufacturing, and export activity.

Tax revenues grew by 35.3%, reaching EGP 2.204 trillion in the last fiscal year, driven by the expansion of the tax base, voluntary settlements, and the digital transformation of the tax system, according to the statement. The number of requests for settlement of old tax disputes exceeded 401,000, while 650,000 voluntary tax returns were submitted, resulting in the collection of EGP 77.9 billion.