Egypt's primary surplus hit EGP 857 billion during the elapsed fiscal year (FY) 2023/2024, a significant increase from the previous year's EGP 164 billion, Minister of Finance Ahmed Kouchouk announced during the weekly cabinet meeting.

Egypt achieved a total budget deficit of 4.95% of the gross domestic product (GDP) during the first half of the current fiscal year (FY) 2023/2024, according to a cabinet statement on January 17th.

The Egyptian government has dedicated a sum of EGP 530 billion for subsidies and social protection in the fiscal year (FY) 2023/2024’s budget, compared to EGP 244.5 billion under FY 2014/2015 budget.

Egypt is allocating EGP 75 billion of its budget for the current fiscal year (FY) 2023/2024 for the development of the healthcare sector, Minister of Planning and Economic Development Hala Elsaid announced.

Egypt has allocated EGP 99.4 billion in the fiscal year (FY) 2023/2024 budget for the development of educational services.

Finance Minister Mohamed Maait said that the government was keen to expand the social protection network in the current FY budget to mitigate the inflationary pressures on citizens.

Egypt’s House of Representatives gave its final approval to the upcoming fiscal year (FY) 2023/2024 budget.

The Egyptian cabinet is committed, according to constitutional entitlements, to allocating at least 10% of the country’s gross domestic product (GDP) as public spending on health, pre-university education, higher education, and scientific research. In this Factsheet, Arab Finance will analyze the government’s proposed plan for education activities in the new fiscal year’s (FY) budget.

Egypt intends to lower the oil price by 15% at $80 per barrel in the budget of the fiscal year (FY) 2023/2024.

Egypt has decided to raise the income tax exemption limit for public and private sector employees by 50% in the budget of the fiscal year (FY) 2023/2024 to reach a total of over EGP 10 billion.

Egyptian government has allocated EGP 127.7 billion for food subsidies in the budget of the coming fiscal year (FY) 2023/2024 to reduce the financial burdens on citizens amid soaring inflation.

Egypt is expected to start the new fiscal year (FY) 2023/2024 with an ambitious budget plan, targeting EGP 3 trillion in total expenditures and revenues of EGP 2.1 trillion.