CAIRO, March 18 (MENA) - The government said that Egypt achieved a primary surplus of EGP 330 billion from July to February of the fiscal year (FY) 2024/25, the highest-ever primary surplus achieved in years.

During a meeting on Tuesday with Finance Minister Ahmed Kouchouk to review a number of financial performance indicators, Prime Minister Moustafa Madbouli said the government continues to work towards achieving financial discipline, increasing spending on the health and education sectors, and upping allocations for social safety net programs.

The meeting aims to review a number of indicators related to financial performance from July 2024 to February 2025, as well as the most important indicators of the new FY budget, Madbouli further noted.

For his part, the finance minister said that during this period, public debt management has been improved by distributing interest payment burdens over the fiscal year.

Kouchouk added that the growth rate of treasury-funded investments slowed down, given the State's practical approach towards prioritizing spending, revising the public investment plan and sticking to the investment spending ceiling for the current FY.

From July to February of the FY 2024/25, expenditures on the health and education sectors upped by 29% and 24%, respectively, compared to the same period of the previous FY, Kouchouk said.

As for spending on grants, social benefits and financial help, they went up by 44% during the same period, he added.

The minister also reviewed implementing the IMF-approved economic reform program, the approval of the disbursement of the fourth tranche under the IMF financial-support program for Egypt, and preparing Egypt's Fifth Review Under the Extended Fund Facility (EFF).

He also presented a proposal to reduce debt of the public budget agencies. (MENA)
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