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- The 2022/23 draft budget of Egypt envisages a growth rate of 5.7 percent and aims at reducing the overall deficit and debt
- The growth for 2023/24 is pegged at 6 percent, allowing for a gradual increase, according to finance minister Mohamed Maait
- There are provisions for increased public spending particularly under the social welfare heads
The 2022/23 draft budget of Egypt envisages a growth rate of 5.7 percent and aims at reducing the overall deficit and debt. The growth for 2023/24 is pegged at 6 percent, allowing for a gradual increase, according to finance minister Mohamed Maait. There are provisions for increased public spending particularly under the social welfare heads. Priority will be assigned to health and education, two factors that can transform the economy and catalyse an inclusive growth. Public investments will be expanded through the completion of the largest project in the history of Egypt for rural development “Hayah Karima”.
Several other structural and foundational reforms are suggested in the proposed budget. It also targets to reduce the debt service ratio of total budget expenditures to less than 30 percent as compared to the target of 31.5 percent during the 2021-2022 fiscal year.
