Egypt Daily News – MP Fakhry El-Feki, Chairman of the Planning and Budget Committee in the House of Representatives, presented the final account for the fiscal year 2023/2024. He confirmed that the net public debt, after deducting government deposits at the Central Bank, reached 11.5 trillion pounds, compared to 6.8 trillion pounds in the previous fiscal year.
El-Feki pointed out, during today’s general session of the House, that domestic debt represents the largest portion of public debt, accounting for 67% (two-thirds), while external debt constitutes only 33%, according to the final account currently under discussion.
He explained that the ratio of net public debt to GDP stood at 82.5%, compared to 85% in the previous year, describing this decline as “positive.”
El-Feki revealed that the government has 659 billion pounds in outstanding receivables, of which 70% come from income taxes, value-added taxes, and customs. He stressed the importance of collecting these receivables due to their direct impact on reducing the general budget deficit, which is estimated at only 47 billion pounds in the final account.
Regarding the budgets of economic authorities, El-Feki stated that their number reached 59 during the fiscal year under discussion, compared to 55 in the previous year. He noted that 45 authorities showed significant improvement in performance, with 41 of them achieving net profits totaling 236 billion pounds, while four authorities achieved a balance between revenues and expenditures.
He added that, compared to the previous fiscal year, there were only 39 profitable economic authorities with a net profit of 192 billion pounds at that time, which reflects a noticeable improvement in the performance of these authorities.
El-Feki concluded by noting that the number of loss-making economic authorities decreased to just 14, compared to 16 in the previous year, reflecting a positive development in the performance indicators of public economic authorities.
