Egypt registers primary surplus of 100 million EGP in first quarter of FY20-21

FILE PHOTO: A boat travels along the hotels, banks and office buildings on the Nile River in Cairo, Egypt October 9, 2020. REUTERS/Mohamed Abd El Ghany/File Photo

CAIRO (Reuters) – Egypt registered a primary budget surplus of 100 million Egyptian pounds ($6.39 million) in the first quarter of its 2020-2021 financial year, the cabinet said in a statement on Wednesday citing the finance minister.

Egypt also lengthened the maturity of its debt to 3.2 years as of June from 1.3 years in June 2013. It expects it to lengthen to 3.8 years as of June 2021, the finance minister added.

The country’s financial year runs from July-June.

($1 = 15.6500 Egyptian pounds)

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