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Abu Dhabi, UAEMonday 10 December 2018

Egypt on track to achieve its financial targets, finance minister said

Government investment rose 85 per cent while tax collection increased by 39.8 per cent

A general view of Cairo, Egypt. EPA
A general view of Cairo, Egypt. EPA

Egypt's state revenues grew by 35.5 per cent in the first quarter of this fiscal year, putting the government on track to achieve its targeted budget surplus of 2 per cent, the finance minister said on Friday.

Government investment rose 85 per cent while tax collection increased by 39.8 per cent, Mohamed Maait, Egypt's finance minister, said in a statement.

"These positive results for the first quarter of the current fiscal year affirm Egypt's ability to achieve its financial targets for the budget for the current fiscal year," said Mr Maait.

Mr Maait attributed the positive results to Egypt's economic reforms programme, part of an International Monetary Fund-backed loan deal signed in 2016 that included devaluing the national currency and cutting state subsidies.

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Egypt's fiscal year runs from July to June. Egypt's budget deficit in the first quarter of the current fiscal year was down slightly to 1.9 per cent from 2 per cent last year.

Egypt has vowed to push ahead with economic reforms which it sees as essential in attracting foreign investment.