Egypt’s budget deficit decreased to 1.9% during Q1 of fiscal year (FY) 2018/19, compared to 2% in the previous fiscal year, stated Minister of Finance Mohamed Maait, according to Reuters.

Egypt is working to bring its public finances under control as part of the economic reform program agreed with the International Monetary Fund (IMF) in November 2016.

The Egyptian budget deficit for FY 2017/18 was 9.8% of gross domestic product (GDP), a decrease from 10.9% in the previous fiscal year. This was the first time the country had generated a primary fiscal surplus in 15 years, deputy finance minister Ahmed Kouchouk stated on July 26, Reuters reported.