The Egyptian government’s expenditure will reach EGP 3 trillion (USD 97.4 billion), while revenues will stand at EGP 2.1 trillion (USD 68.2 billion) for the upcoming fiscal year’s draft budget, according to Minister of Finance Mohamed Maait, speaking to parliament on the 2023/2024 budget on Tuesday, 9 May. This comes as an increase from last year’s EGP 2 trillion (ca. USD 109.1 billion at the time) and EGP 1.5 trillion (ca. USD 81.8 billion at the time) respectively. Interest payments on debt will make up 25.6 percent of the 2023/2024 expenditure, while social spending, including subsidies, stand at 12.2 percent according to the ministry’s financial statement for the budget, published by El Shorouk News. Taxes, on their part, are expected to reach EGP 1.5 trillion (USD 49 billion), making up 71.4 percent of revenues and 12.9 percent of GDP, but only 35.4 percent of the total budget. Maait outlined the government’s revised targets and expectations, saying that the government is expecting a budget deficit of around 6.9 percent of GDP, an increase from the 2022/2023 draft budget’s expectations of 6.1 percent. Domestic and external borrowing will likely play the main…
EGP 3 Trillion Expenditures, 2.1 Tn Revenues in ‘23/’24 Budget: Finance Minister
May 10, 2023
