Egypt’s Finance Minister, Mohamed Maait, disclosed that the anticipated deficit in the forthcoming fiscal year's budget stands at EGP 1.3 trillion.
Maait stated in a ministry statement on Tuesday that the Ministry of Finance is targeting EGP 2 trillion in tax revenues for the new budget, without imposing any additional burdens on citizens or investors. This will be achieved by maximizing efforts to integrate the informal economy and effectively utilizing existing tax systems.
Highlighting health and education as a "top presidential priority," the minister emphasized ongoing efforts to enhance the welfare of Egyptian citizens in future budgets. This includes securing a strategic reserve of essential goods to meet citizens' basic needs and bolstering social protection measures to alleviate the financial strain on middle and low-income individuals.
Regarding financial support, EGP 596 billion has been allocated, with EGP 134 billion earmarked for subsidized goods and EGP 147 billion for petroleum products, in response to global oil price increases and exchange rate fluctuations.
"This poses a significant challenge for the country's public finances," stated Finance Minister Mohamed Maait.
Maait also noted that over EGP 40 billion has been designated for "Takaful and Karama" (Solidarity and Dignity) initiatives, highlighting that the bread subsidy exceeds EGP 125 billion, with expectations of surpassing its cost by 125 piasters.
"The citizen pays only 5 piasters, and the treasury covers the rest," Maait clarified.
