The Egyptian cabinet has approved the country’s draft budget for the upcoming fiscal year (FY) 2023/24, which begins on July 1st, according to a statement on March 29th.
As per the draft budget, Egypt targets a growth rate estimated at 4.1% for the new fiscal year.
The new budget also shows that the country’s primary surplus is expected to hit 2.5% of gross domestic product (GDP), which is the highest target the government sets within its efforts to cut debts.
Moreover, the inflation rate has been estimated at 16% as per the FY 2023/24 budget.
Total revenues are expected to grow by 38.4% in the new budget, while tax revenues are expected to climb by 28% due to the expansion of the tax base and the registration of new financiers.
Minister of Finance Mohamed Maait said that allocations for subsidies, grants, and social benefits under the budget for the next FY grew by 28.2% year-on-year (YoY), up from 17.1%.
The budget includes subsidizing food commodities at an annual growth rate of about 20%, subsidizing petroleum products at a growth rate of 24%, subsidizing exports at 462.5%, and health insurance and medicines at an annual growth rate of 50.4%.
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