Egypt’s increases expected budget deficit rate to 6.9% for FY23/24: Finance Minister

The Minister of Finance, Mohamed Maait, announced today that Egypt increased its expected budget deficit rate to 6.9 percent for the fiscal year 2023/2024 compared to a previous 6.4 percent estimate.

The minister added that the revised budget figures for the next fiscal year reflect the presidential directives to provide the largest possible support for economic activity and social security, pointing out that social support and protection allocations have been increased to ease the burdens on citizens.

Maait attributed this to the interest rate hikes in Egypt and global markets, and reassured about the performance of the Egyptian economy in light of the current global crisis entailing the repercussions of the COVID-19 pandemic and the negative effects of the war in Europe.

Earlier this week, Ahmed Kamali, Deputy Minister of Planning and Economic Development, stated that Egypt’s investment plan for the fiscal year 2023/2024, which focuses on two main elements: human development and stimulating the private sector.