Egypt Eyes Highest Primary Surplus of 2.5% in 2023/24 Budget

Mohamed Maait, Minister of Finance confirmed that the Cabinet approved the draft budget for the next fiscal year 2023/24, which comes under exceptional circumstances in the global economy, and imposes extremely difficult pressures on the budgets of countries, including Egypt, both in terms of the unprecedented rise in prices of goods and services; as a result of the disruption of supply chains, or the high cost of financing.

The minister pointed out that financial allocations for public investments witnessed an unprecedented increase in the new budget, especially the self-financed budget, to reach EGP 306 billion out of total public investments amounting to EGP 586.7 billion, up from EGP 376 billion, with an annual growth rate of 55.9%; to create new jobs and improve services provided to citizens.

The minister added that the state’s general budget, including the state’s administrative apparatus, local administration, and public service agencies has total expenditures, according to estimates for the next fiscal year, about EGP 3 trillion, with an annual growth rate of 44.4%.