Egypt's 2022/23 draft budget insights

According to a Ministry of Finance report, the FY 2022/23 draft budget was restructured to increase allocations to social programmes and subsidies. "This increase comes to protect the poor and limited income classes from the negative economic impact of the war in Ukraine," said the report.

Preliminary figures show that budgetary allocations to subsidies, grants and social protection programmes will be increased from EGP 321.3 billion in the current 2021/22 budget to around EGP 356 billion in the new 2022/23 budget.

Yasser Omar, deputy chairman of the House's Budget Committee, told reporters that "as for subsidies, allocations will be increased from EGP 138.3 billion to EGP 148.7 billion." "Subsidies in the new budget will go to basic commodities, fuels, exports, farmers, upper Egypt development, health insurance, and low-cost housing," said Omar, noting, however, that "the biggest increase will be in subsidies allocated to fuels and basic supply commodities."