Additionally, the financial package offered by the European Union, estimated at €7.4 billion, further reinforces the trajectory towards economic stability.
Egypt allocated EGP 23 billion in the new budget to support exports and motivate investors to expand their export activities, Minister of Finance, Mohamed Maait, announced during an open dialogue with press and media figures about the new budget.
The total value of goods released from ports starting from the period of January until now has reached more than $14.5 billion, Maait added.
The minister highlighted that the anticipated foreign exchange inflows following the agreement with the International Monetary Fund (IMF) are expected to surpass $20 billion.
Additionally, the financial package offered by the European Union, estimated at €7.4 billion, further reinforces the trajectory towards economic stability.
Egypt has allocated EGP 596 billion for securing a strategic reserve of goods, and meeting basic needs of citizens, including more than EGP 134 billion for food supplies, and more than EGP 147 billion to support petroleum products.
According to the minister, the newly proposed budget entails a total of EGP 3.9 trillion in public expenditures. Simultaneously, the projected revenues are anticipated to reach EGP 2.6 trillion, with a specific target of EGP 2 trillion in tax revenues.
Egypt sets a goal of achieving a 3.5% primary surplus in its GDP during the fiscal year (FY) 2024/2025 and reducing the total deficit in the medium term to 6% of GDP, he added.
Minister Maait disclosed that Egypt aims to reduce the debt-to-GDP ratio to less than 80% over the next three years.
