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Results of the past period of current FY are promising, minister

Tuesday 04 December 2018 12:32 PM

Dr. Mohamed Maeet, finance minister.
Dr. Mohamed Maeet, finance minister.

By Maha Abu Wadn:
The indicators of the past period of the current fiscal year have shown some promising results, according to minister of finance Mohamed Maeet, who added that the economy managed to cushion the impacts of emerging markets crisis due to the implementation of economic reform program.
During the opening session of the second day of the 5th CESs Thoughts Conference, organized by Al Mal GTM, Maeet said that the State kept borrowing over the last 15 years in order to pay current expenditures, describing this situation as “the worst ever”.
He explained that the government has developed a reform plan and managed to produce an initial surplus of EGP 4bn in the State budget of the past fiscal year, which means that revenues now cover current expenditures.
“We plan to achieve an initial 2% surplus of GDP during the current fiscal year, which is a very ambitious rate, and represents a challenge”, the minister said, adding:” we aim to cut total deficit to 8.4%, which implies making effort to reduce public debt.
Regarding the results of the past period of the current fiscal year, Maeet has described them as “promising” despite difficulties encountered by the Egyptian economy.