CAIRO - 19 March 2024: The total public expenditures targeted for the budget of the upcoming fiscal year 2024/2025 amount to LE 3.9 trillion, while the expected revenue reaches approximately LE 2.6 trillion, Egypt’s Finance Minister Mohamed Maait announced.
According to the amount of expenditures and revenues, the expected total deficit would be LE 1.3 trillion.
The minister added in a statement issued by the ministry on Tuesday that the Ministry of Finance aims for LE 2 trillion in tax revenues in the new budget, without adding any new burdens on citizens or investors, by maximizing efforts to integrate the informal economy through optimal utilization of available tax systems.
The minister affirmed that health and education are a "presidential priority" to continue the strategy of building the Egyptian citizen during the upcoming budgets, starting from the budget of the fiscal year 2025/2024, while working to secure a strategic reserve of goods that meets the basic needs of citizens, in addition to increasing spending on social protection to alleviate the burdens on middle and low-income individuals.
A total of LE 596 billion has been allocated for support, including over LE 134 billion for subsidized goods and over LE 147 billion to support petroleum products, due to the rise in global oil prices and the impact of exchange rate changes, according to the minister.
"This represents a major challenge for the state's public finance," said Finance Minister Mohamed Maait.
The minister pointed out that more than LE 40 billion has been allocated for "Takaful and Karama" (Solidarity and Dignity), explaining that the bread subsidy exceeds LE 125 billion, with expectations of exceeding its cost by 125 piasters.
"The citizen pays only 5 piasters, and the treasury bears the difference," according to Maait.
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