Egypt targets GDP growth of 4% in FY2024/25

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Egypt is planning to achieve gross domestic product (GDP) growth of 4% during the next fiscal year (FY) 2024/2025, as per a statement.

The government aims to achieve a primary surplus of 3.5%, with efforts directed towards slashing the total budget deficit to 6% of the GDP.

The state budget for FY 2024/2025 involves allocations of EGP 575 billion for wages and EGP 636 billion for subsidies, grants, and social benefits, including EGP 144 billion for basic food supplies and EGP 154 billion for petroleum product subsidies.

Moreover, over EGP 40 billion are earmarked for Takaful and Karama program.

Egypt also targets a 36% growth in revenues of the general budget to reach EGP 2.6 trillion, and aims for a 29% hike in public expenditures to hit EGP 3.9 trillion.

The figures were revealed during a meeting headed by President Abdel Fattah El-Sisi with Prime Minister Mostafa Madbouly, Minister of Finance Mohamed Maait, and Vice Minister of Finance for Fiscal Policies Ahmed Kouchouk to discuss the budget for the upcoming FY.