Egypt Sees Budget Deficit Narrowing to 5.6% of GDP this Year

This picture taken on August 24, 2022 from the landmark Cairo Tower shows a night-time view of vehicles driving past lit-up billboards along the "October 6" highway running through the Zamalek district (R) of Egypt's capital Cairo to the Agouza district (L) in its twin-city of Giza. (AFP)

Egypt expects more progress on reducing its budget deficit this year and a foresees a decline in its debt ratio after currency devaluations caused it to rise last year, Finance Minister Mohamed Maait told a news conference on Monday.

The deficit was expected to narrow to 5.6% of gross domestic product (GDP) in the fiscal year that began on July 1, from 6.1% in 2021/22, he forecast. It would fall still further in 2023/24 to 5%.