The cost of Egypt's debts swallowed up the country's budget surplus, Finance Minister, Mohamed Maait, announced yesterday.
"The public budget had a total of 104 billion Egyptian pounds [$6.6 billion] in primary surplus," Maait told parliamentarians, adding that the revenues would cover government expenses. "The excess 104 billion pounds will be consumed in reducing the cost of debt," he pointed out.
The government, Maait noted, was keen on revenues to "exceed our public expenditure in the current and upcoming budgets to reduce the public debt."
"Had it not been for the COVID-19 crisis, Egypt would have reduced its public debt even more," the minister added, reiterating that the government was planning to keep reducing public debt." He urged for "more investments to improve workers' wages."
"Egypt has achieved real non-tax revenues," Maait stressed, pointing out that investments had "doubled compared to the financial year 2014-15," when they stood at 61 billion pounds ($3.9 billion), according to official data.