A spokesman for the Egyptian presidency said today, Sunday, that Egypt targets a growth rate of 5% in the budget for the next fiscal year.
Egypt’s fiscal year begins in July and ends in June of the following year.
The Egyptian Minister of Finance, Mohamed Maait, had said that Egypt targets a growth rate of 5.5% of GDP in the fiscal year 2023-2024.
Commenting on the publication of preparing the state’s draft general budget for the new fiscal year 2023-2024, the minister added that Egypt aims to reduce the budget deficit to levels of 5% in the medium term, achieve a primary surplus of 2%, and put deficit and debt rates on a downward path.
The minister indicated that the government indebtedness rate is targeted to decline to less than 80% of GDP by the end of 2027.
He explained that 2023 is the year of balancing development priorities, social protection, and dealing with the effects of global and local economic challenges.