CAIRO – Egypt’s Finance Minister Mohamed Maait said the public budget saw a balanced performance in the first half of the current fiscal year (FY) 2023-2024, which covers the period starting from July till December 2023.
In a statement released, the minister added that the budget achieved a large primary surplus of EGP 150 billion, compared to EGP 25 billion in the same period of the previous fiscal year.
He noted that the government’s expenditure increased by 56% to reduce financial burdens on citizens as much as possible, especially in light of the current global challenges that led to significant inflationary pressures.
The minister stated the budget deficit reached 4.95% of GDP in the first six months of the current fiscal year, noting that spending on subsidies, including food and fuel ones, grants and social benefits rose to EGP 195.6 billion, with an annual increase of 41.5%.
Maait indicated that spending on the Takaful and Karama (Solidarity and Dignity) social protection program rose to EGP 19 billion, with an annual increase of 14% and spending on food subsidies hit EGP 55 billion, with an annual increase of 74.4%.
He said that spending on the wages of state employees went up by about EGP 240.9 billion, against EGP 194 billion for the same period of the past fiscal year
The minister stated that spending on the health sector rose to EGP 81.1 billion, compared to EGP 59.7 billion for the same period of the last fiscal year.
Maait said that spending on the education sector increased to EGP 120 billion, against EGP 102.8 billion in the same period of the past fiscal year.
He added that the Suez Canal’s revenues surged to EGP 103.3 billion, with an annual increase rate of 126.8%.
