Egypt Aims to Raise Interest on T-bills to 22% in 2024/25 Draft Budget

The Egyptian Ministry of Finance aims to increase the average interest rate on treasury bills to 22% in the draft budget for the next fiscal year 2024/25, compared to an estimated return of 18.5% in the current fiscal year, amid estimates of a sharp decline in inflation to 15%.

The Ministry of Finance expects an increase in the real growth rates of the economy to 4.7%, compared to estimates of 3% in the current fiscal year, and a decline in the total deficit to 7.2% of GDP in the budget for the next fiscal year 2024/25, compared to estimates of a 7.5% deficit in the current fiscal year as a result of the economic and geopolitical conditions.

The draft budget for the next fiscal year aims to achieve a primary surplus of 2.5% of the GDP, reduce the debt ratio of budget to 92% of the GDP, and expand the establishment of cities and urban complexes to accommodate 10 million people.