The highlights and targets of the new budget are based on the draft budget announced this week by the ministers of planning and finance, taking into account that the government has not revealed all the figures of the current budget of FY 2021/22.
It is worth noting that the upcoming fiscal year comes amid a host of crises, including the impact of the Ukraine-Russia conflict, global inflationary wave, rising food and energy prices, and repercussions of the coronavirus pandemic.
Q: What is the government's plan for real GDP growth in FY 2022/23?
A: As a result of the Ukrainian-Russian conflict, the government lowered its projections for the country’s real GDP growth to 5.5 percent, down from 5.7 percent expected previously. The real GDP growth is projected to hit 6.4 percent by the end of FY 2021/22 thanks to the country’s gradual economic recovery from the pandemic.
Q: What are the government's targets in terms of budget revenues in FY 2022/23?
A: The government plans to attain EGP 1.5 trillion, while the expected expenses are projected at EGP 2.7 trillion. In January, prior to the Ukraine war, the government announced that it targets to increase the budget’s revenues by between 13 percent and 15 percent.