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Egypt Targets 5% Growth in FY2023/24 Budget- Finance Minister

Mohamed Maait, the Egyptian Minister of Finance presented the most important final indicators for the draft budget for the next fiscal year 2023/24.
21.03.23 | Source: See news

This came during President Abdel Fattah El-Sisi's meeting today with Prime Minister Mostafa Madbouly, Ahmed Kajouk, Deputy Minister of Finance for Financial Policies.

The minister said that the budget aims to achieve a growth rate of 5% of GDP, and it will also witness the achievement of a primary surplus of 2.5% of GDP, with an overall deficit rate of about 6.37%, in addition to an increase in the revenue growth rate to about 31%, to reach more than From EGP 2 trillion.

Maait indicated that the budget aims to increase expenditures at a growth rate of about 30.5% to reach about EGP 2.838 trillion, including an increase in the wages item by 15% to EGP 470 billion, and an increase in the support system, grants and social benefits by 24% to EGP 496 billion, as well as increasing investment allocations to EGP 512 billion.

The Minister of Finance stated that the draft budget takes into account the negative effects of the current global crisis, as a result of the significant rise in energy and food prices, in addition to the cost of the social package at an amount of EGP 150 billion, in addition to continuing the economic reform program, with the aim of increasing and stimulating exports, strengthening industry and the role of the private sector in achieving development.