The Clap
Mohamed Maait, the Minister of Finance, lowered his expectations regarding the budget deficit this year, to 5.6% of the GDP, from 6.1% in the draft budget.
The Deets
Maait also said that the budget deficit in the following year is expected to drop to 5% of the GDP.
Maait further added that a primary surplus of 1.6% is expected in this year’s budget.
A primary surplus is realized when the country’s revenues are higher than its expenditures, with the exception of expenditures on debt interest.
Why this Matters
Maait said that the budget deficit would have reached 4% of GDP, had it not been for the COVID crisis.
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