Egypt‘s Finance Minister Mohamed Maait stated in a circular on Saturday that the country’s GDP growth goal for the fiscal year 2023–24 is 5.5%.
The circular addresses the state’s draft general budget preparations for the FY2023/24, which runs from June 2023 to June 2024.
The minister said that Cairo is aiming to produce a sustained primary surplus of around 2% on average and to lower the deficit and debt rates despite the exceptional global economic challenges.
He emphasised that Egypt also wants to reduce its budget deficit to 5% in the long term and reduce its government debt to less than 80% of GDP by the end of 2027.
According to the Finance Ministry, the publication of the circular is being made due to the unprecedented economic conditions currently affecting the entire world, including Egypt, and exerting tremendous strain on national budgets. The result of the high borrowing expenses has been an unheard-of increase in the cost of products and services.
Maait stated that despite the difficulties facing the world, the new republic, whose foundations were placed by President Abdel Fattah al-Sisi, will be built in order to raise the level of living and enhance the services offered to its people.
The budget also aims to distribute funds fairly while taking into account how to best meet the needs of all regions and social groups in terms of development and growth.
Maait claims that the budget places a strong emphasis on development, enlarging the social safety net, and tackling the effects of both global and local economic issues in a way that minimises the effects of global inflation on residents.
It emphasises the significance of finishing the new republic’s construction process, which is focused on ensuring equality of opportunity, maximising the use of public resources, and concluding the Decent Life Initiative.
