July 26, 2018 / 10:16 AM / a month ago

Egypt's budget deficit narrows to 9.8 pct in FY 2017/18 -minister

CAIRO, July 26 (Reuters) - Egypt’s budget deficit for the 2017-2018 fiscal year was 9.8 percent of gross domestic product (GDP), down from 10.9 percent the previous year, deputy finance minister Ahmed Kouchouk said on Thursday.

Egypt achieved a primary fiscal surplus for the first time in 15 years, making 4 billion Egyptian pounds ($224 million), Kouchouk said in a news conference.

Egypt’s tax revenues increased by 36 percent in fiscal year 2017-2018, to 628 billion Egyptian pounds, he added. ($1 = 17.8500 Egyptian pounds) (Reporting by Ehab Farouk, writing by AMina Ismail; Editing by Kevin Liffey)

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