CAIRO, Jan. 14 (Xinhua) -- Egypt's overall budget deficit of the GDP has declined to 3.6 percent in the first six months of the fiscal year 2020-2021 from 4.1 percent year on year, Finance Minister Mohamed Maait said on Thursday.

The fiscal year in Egypt starts in July.

In a statement, Maait said the initial surplus of the budget in six months was estimated at 14 billion Egyptian pounds (891.3 million U.S. dollars) despite the impacts of the COVID-19.

He added that the annual revenues growth rate has increased by 16 percent, noting the public revenues performance was positive from July to December in 2020.

Egypt's economic reform program that started in 2016 effectively contributed to raising growth rates during the ongoing pandemic, the minister said.

In November 2020, the International Monetary Fund, which backs Egypt's reform program with a 12-billion-dollar loan, said in a statement that "the Egyptian economy has performed better than expected despite the pandemic." Enditem

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