Egypt’s Prime Minister Moustafa Madbouli reiterated his government’s commitment to realising the targets of the new budget for the FY 2023/2024, which starts on July 1. These targets include achieving a primary surplus in the GDP, reducing the budget deficit at the planned rates, expanding the social protection, and facing the impacts of the global economic challenges.
Madbouli on Wednesday reviewed with Finance Minister Mohamed Maeet the goals of the 2023/2024 goals.
The Prime Minister also directed that the tourism sector be included in the initiative to support the productive sectors, which currently include the industrial and agricultural sectors, in the context of expanding the base of beneficiaries of this initiative given the importance of the tourism sector in supporting the national economy.
It was agreed to allocate LE10 billion for the tourism sector as part of the initiative, bringing the total financing available through it to LE160 billion.
For his part, the finance minister said that the 2023/2024 budget aims to realise a primary surplus of 2.5 per cent of GDP, with a total deficit of about 6.37 per cent.
Maeet noted that the new budget would include an increase in the allocations to support social protection from LE358.4 billion to LE 529.7 billion, as per the directives of President Abdel Fattah El Sisi, to mitigate the impacts of the global inflationary wave on citizens.
Meanwhile, Maeet said the government allocated LE45 billion for purchasing wheat from local farmers during this season, which stared mid-April and runs through August, marking a rise of LE19 billion compared to the past season.
He referred in this respect to directives by President Sisi to support farmers.
