Thursday May 30th, 2024
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Egypt's FY2024/25 Budget Targets EGP 5.05 Trillion Revenues

Egypt’s fiscal year 2024/25 budget targets expenditures of EGP 6.4 trillion and revenues of EGP 5.05 trillion.

Cairo Scene

Egypt's FY2024/25 Budget Targets EGP 5.05 Trillion Revenues

Egypt’s Cabinet has approved the fiscal year 2024/25 budget, with targeted expenditures of EGP 6.4 trillion and revenues of EGP 5.05 trillion, according to a statement released by the cabinet.

During the session, Finance Minister Mohamed Maait underscored that the budget encompasses the entirety of the state administrative apparatus and economic entities, emphasizing the significance of structural reforms enacted through the recent amendment to the Unified Public Finance Law. This amendment introduced the concept of the ‘general government budget’.

Maait outlined the objectives of the new budget, including achieving a substantial primary surplus exceeding 3.5 percent of GDP, reducing the overall deficit to six percent over the medium term, and initiating a downward trajectory of the debt-to-GDP ratio to reach 80 percent by June 2027.

Egypt, currently under an IMF loan program recently extended to USD 8 billion, aims to address budget imbalances and mitigate the impact of global and regional tensions. Maait highlighted projections for revenue growth of 36 percent to EGP 2.6 trillion, and expenditure growth of 29 percent to EGP 3.9 trillion. The government aims to boost non-tax revenues by 60 percent and tax revenues by 30 percent for the fiscal year, without imposing additional tax burdens on citizens or investors.

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