Egypt excludes several sectors from spending rationalization plan: Maait

The rationalization of public spending is an integral component of the International Monetary Fund's (IMF) $3 billion loan agreement with the country.

These measures aim to enhance the efficiency of government spending and address the economic challenges faced by Egypt, the minister added.

The finance minister revealed that the budget for subsidies and social protection has increased by 48.8 percent to EGP 529.7 billion for FY2023/2024, compared to EGP 358.4 billion in the previous FY.

According to the draft of Egypt's general budget for FY2023/2024, the budget deficit is projected to reach EGP 848.8 billion, up from EGP 718 billion in FY2022/2023.

Despite the increase, the Egyptian government aims to manage the deficit and expects it to remain at 6.9 percent of the GDP for the current fiscal year, demonstrating a commitment to fiscal stability.