Egypt total budget deficit at $10.48 billion in 2023/24, finance minister says

Egypt’s total budget deficit fell to 505 billion Egyptian pounds ($10.48 billion) in the fiscal year 2023/24 that ended June 30 compared to 610 billion pounds a year earlier, the finance minister said in a statement on Wednesday.

The country recorded a preliminary surplus of 857 billion Egyptian pounds in the 2023/24 budget compared with 164 billion Egyptian pounds in the previous year, the minister added.

Egypt devalued its currency in March to curb rising inflation. The pound was fixed at 30.85 for a year before plunging to under 50 and is now trading at around 47 to the dollar.