Egyptian Finance Minister Mohamed Maait announced that Egypt paid international bonds dues during the first quarter of this year, at a value of $3.5 billion.
Dr. Mohamed Maait, the Egyptian Minister of Finance, said during a symposium of the Egyptian-Canadian Business Council, on Wednesday evening, that the end of the current year in December will witness the start of recovery and the return phase to previous Egyptian economic indicators, and the stability of the exchange rate and prices.
Maait expected record revenues from the tourism sector of $14 billion by the end of the current fiscal year, compared to $10.7 billion for the previous fiscal year. He also expected the Egyptian pound’s exchange rate to stabilize against the dollar in December.
Maait expected that the revenues of the Suez Canal would rise to $9 billion during the current fiscal year, with a growth rate of 25% compared to the last fiscal year.
He added that tourism revenues are expected to grow during the current fiscal year by 25% to 30%, as it recorded $7.3 billion in the first half of the 2022-2023 fiscal year.
He noted that at the end of this year, we will witness the beginning of the recovery of the Egyptian economy and the stage of the Egyptian economy’s indicators returning to growth again.
The Egyptian Minister of Finance added that a primary surplus is expected to be achieved during the current fiscal year, ranging from 1.5% to 1.7%. It is expected to reach 2.5% during the next fiscal year, so that we can achieve control over the high debt rates.
Maait pointed to an increase in subsidies for petroleum commodities during the next fiscal year to 44%, and social protection packages increased by 37%. RT