A social dialogue is to be held over the coming few weeks on Egypt’s 2023-2024 budget.
This comes in response to presidential directives to define the priorities of public spending, Minister of Finance Mohamed Maeet said.
The move comes amid exceptional conditions, which put pressure on state budgets and push up food prices as a result of disrupted supply chains and rising costs, Maeet added in a ministry press release.
The government aims at fair distribution of budget allocations in response to the requirements for growth and development of all regions and social classes, the minister said.
The priorities are development, greater social protection, and coping with the impacts of global and local economic challenges, notably inflation, which takes its toll on the poor and vulnerable, the minister added.
This goes in tandem with the presidential development initiative Decent Life to improve living conditions for 60 per cent of the Egyptians in rural areas, to raise spending on health and education, Maeet said.
The minister went on to emphasise his commitment to meeting the needs of the people and alleviating the effects of inflationary on them.
“This will be achieved by optimising financial discipline, boosting competitiveness of the economy, improving the business environment and streamlining procedures to stimulate investment, in addition to realising high and sustainable growth rates, by greater productivity and higher exports,” Maeet explained.
He also stressed support for the private sector as a locomotive of development and to create jobs.
Maeet is keen on managing such social dialogues himself with the presence of senior ministry officials, the ministry press release said.
Six dialogue sessions will be held with representatives of the Federation of Egyptian Chambers of Commerce, the Federation of Egyptian Industries, export councils, the Investors Union, businessmen association, joint business councils, parliament, people of determination, media figures, economists, academics and researchers.