CAIRO – 26 March 2024: Egypt aims to achieve a 4 percent GDP growth rate as part of its draft budget for the fiscal year (FY) 2024/2025, Minister of Finance Mohamed Maait announced during a meeting with President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly.
Maait further explained that the state budget aims to achieve an initial surplus of 3.5 percent and gradually reduce the overall deficit to 6 percent of the GDP in the medium term.
Regarding revenue and expenditure projections, Maait stated that Egypt's general budget is expected to experience a 36 percent revenue growth, reaching LE 2.6 trillion, while public expenditure is projected to grow by 29 percent to reach LE 3.9 trillion.
The budget includes allocations of LE 575 billion for wages, LE 636 billion for subsidies, grants, and social benefits, LE 144 billion for basic food supplies, and LE 154 billion for petroleum product subsidies.
In addition, the budget sets aside more than LE 40 billion for the Takaful and Karama program and increases allocations for health and education by 30 percent, aligning with Egypt's priority of empowering its citizens.
Maait also highlighted that the upcoming fiscal year will introduce the concept of the general government budget for the first time, which consolidates the state's general budget with the budgets of 40 economic entities.
This consolidation brings the total revenues of the general government budget to LE 4 trillion and total expenditures to LE 4.9 trillion.
President El-Sisi has directed the government to maintain financial discipline, ensure the long-term financial sustainability of the general state budget, and undertake necessary measures to reduce public debt and its associated burdens.
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