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CAIRO, July 29-- Egypt has achieved positive economic indications in the fiscal year 2019-2020 compared to the previous year amid the COVID-19 impact, said Egyptian Prime Minister Mostafa Madbouly in a statement on Wednesday. The fiscal year in Egypt begins in July. "The country also achieved a primary surplus of 1.8 percent of gross domestic product (GDP) in 2019-2020, compared to a target of 2 percent before the outbreak of COVID-19," Madbouly said. Egypt's overall budget deficit narrowed to 7.8 percent of the GDP in the fiscal year 2019-2020, down from 8.2 percent in 2018-2019, despite the impact of the pandemic, he added. Madbouly pointed out that though the targeted indications have not been fulfilled, the numbers of the initial surplus and the overall deficit are better than last year. The county's GDP growth is expected to stand at 3.8 percent of the fiscal year 2019-2020, down from a budget initial projection of 6 percent, the cabinet statement quoted Finance Minister Mohamed Maait as saying during the weekly government meeting. Maait added that the country's debt ratio is expected to decline to 86.2 percent of GDP at the end of June from 90.4 percent a year earlier. The state budget debt has declined to 86.2 percent in the GDP in June 2020 compared to 90.4 percent in the same period in 2019, the minister added, deeming it as a big accomplishment that implied the government's good and balanced plan in controlling the impacts of the pandemic. | 
