Egypt's 2023/24 budget in the spotlight
The Egyptian Parliament finally approved in June the draft state general budget and the social and economic development plan for the fiscal year 2023/24.
The estimated value of uses in the fiscal year 2023/2024 budget is about LE 4.349 trillion, while the estimated gross domestic product (GDP) amounted to about LE 11.841 trillion.
The estimated value of expenditures is about LE 2.991 trillion distributed over eight items in the budget; the allocations for chapter 1 includes wages, which captures allocations estimated at about LE 470 billion; the purchase of goods and services, whose total financial allocations amount to about LE 139 billion; the interests of the public debt, whose allocations in the budget amount to about LE 1.120 trillion of the total expenditures; and allocations for subsidies, grants, and social benefits that amount to about LE 529 billion. And the data indicates that the total government investment allocations amounted to about LE 586.690 billion.
The provision of Chapter 7 to acquire assets and financing imbalances for some economic bodies and public companies amounted to LE 42.376 billion. Meanwhile, the allocation for Chapter 8, which deals with the payment of installments of domestic and foreign loans, amounted to about LE 1.316 trillion. The value of taxes, grants, and other non-tax revenues for the fiscal year 2023/2024 amounted to LE 2.142 trillion.
The draft budget expects spending of LE 2.99 trillion and revenues of LE 2.14 trillion. The total deficit is expected to reach LE 824.4 billion, or 6.96 percent of the GDP, down from 8 percent expected during the fiscal year of 2022/2023.