Egypt's draft budget for fiscal year 2024/25 contains ambitious economic targets: GDP growth of 4 per cent

Finance Minister of Egypt Mohamed Maait presented draft budget to the President Abdel Fattah Al-Sisi.

The report forecasts a primary surplus of 3,5 per cent and a medium-term target of reducing the overall deficit to 6 per cent of GDP. This is reported by Daily News Egypt, a partner of TV BRICS.

The budget reflects a focus on both economic growth and social welfare. Total revenues are expected to grow by 36 per cent to EGP 2,9 trillion ($60,64 billion), while expenditure is expected to increase by 29 per cent to EGP 3,9 trillion ($81.56 billion).

In line with President Al-Sisi's directive, the budget prioritises human development. The health and education sectors will receive a significant boost, with their allocations increasing by 30 per cent.

Recognising the challenges faced by low- and middle-income families, the government has allocated EGP 596 billion ($12.66 billion) for subsidies in the next budget. In addition, the target for oil subsidies in the current fiscal year was increased by 9 per cent to EGP 130 billion ($2.72 billion).

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