Public Health & Education Budgets to Increase by 30% in FY2024/25
These increases are set to take effect in July.
The 2024/25 fiscal year will see 30% increases in the Egyptian government’s public health and education budgets. In addition, EGP 575 billion will be allocated for wages. The Egyptian government will contribute EGP 636 billion to subsidies, grants, and social benefits, which include subsidies for basic food supplies and petroleum products, measures that are geared towards making goods cheaper for Egyptian consumers.
This year’s budget is based on achieving a growth rate equal to 4% of the gross domestic product (GDP). It aims to attain an initial surplus of 3.5% and reduce the total government spending deficit by 6% of the GDP.
The budget comes on the heels of significant foreign currency increases, most notably from the USD 35 billion deal Egypt signed with the UAE for developing Ras El-Hekma, in addition to significant loans from the IMF and the EU.
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