Dubai, March 28, 2024: Egypt’s cabinet has greenlit a robust budget of 6.4 trillion Egyptian pounds, equivalent to $135.39 billion, for the upcoming fiscal year 2024/2025. This budget, aimed at addressing economic challenges and fostering growth, demonstrates the government’s commitment to fiscal responsibility.
The approved budget includes allocations of 636 billion pounds for social protection programs and 144 billion pounds for the food subsidy program, benefiting a significant portion of Egypt’s population. Additionally, 154 billion pounds have been earmarked to subsidize petroleum products, easing the burden of rising fuel costs on households.
To streamline expenditure and curb debt, the cabinet has set a cap of one trillion pounds on public investment spending. Furthermore, half of the revenues generated from asset sales will be directed towards reducing government debt, signaling a proactive approach to fiscal management.
Egypt’s economic ambitions are reflected in its targets of achieving a preliminary GDP surplus of 3.5% and a growth rate of 4.2% for the upcoming fiscal year. Finance Minister Mohamed Maait expressed confidence in alleviating currency shortages with expected foreign currency inflows following recent agreements.
The approval of Egypt’s budget underscores the government’s efforts to navigate economic challenges while laying the groundwork for sustainable growth. As Egypt moves forward, stakeholders will monitor the implementation of these measures to assess their impact on the nation’s economic trajectory
Photo source Google
By: Montel Kamau
Serrari Financial Analyst
28th March, 2024
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