Egypt achieved a primary surplus estimated by four billion Egyptian pounds (nearly 223 million U.S. dollars) of the fiscal year 2017/18, state-run Ahram newspaper reported on Wednesday.

The fiscal year in Egypt starts in July and ends in June.

"Egypt succeeded in turning the initial deficit in the public budget for the first time in 15 years to a surplus accounted at four billion pounds (0.1 percent of the GDP) by the end of the fiscal year 2017/18," said Egyptian Finance Minister Mohamed Maait.

He said during a meeting with the members of the Economic Affairs Committee in the parliament the budget deficit was 17 percent of the GDP in the past four years which was "a big problem."

He attributed success in making the surplus to the economic reforms that were initiated in the past two years, adding that "the general debt reached 108 percent of the GDP in 2017."

In 2018, the debt had dropped to 98 percent of the GDP.

He said the government also hoped to bring the general debt to less than 70 percent of the GDP.

Maait added the debts would go down to 92 percent of the GDP of the fiscal year 2018/19 and 80 percent in the fiscal year 2020/21.

He asserted the country seeks to control the debts to pump more funds in the education and health sector.

The current fiscal year budget has 990 billion pounds revenues against 541 billion interests of debts and 296 billion pounds debts installments, he added.

The economy has been battered by years of turmoil that began after mass protests in 2011.

But the country has been showing signs of recovery in recent months amid tough reforms including cuts to energy subsidies as part of the 12 billion U.S. dollars IMF loan deal.