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Egypt’s 2024/25 budget sneak peek: What we know so far

Target growth rate set at 4%

What:

President Abdel Fattah El-Sisi, Prime Minister Mostafa Madbouly, and Finance Minister Mohamed Maait met yesterday to discuss the upcoming fiscal year’s budget for 2024/2025.

Economic Bullseyes:

Maait presented key indicators for the budget, aiming for a 4% GDP growth rate, an initial surplus of 3.5%, and reducing the overall deficit to 6% of GDP. Revenue is expected to increase by 36% to reach EGP 2.6 trillion, with general expenditures rising by 29% to EGP 3.9 trillion.

Meeting Challenges Ahead:

The budget allocates significant funding for salaries and social support, including subsidies for essential goods and petroleum products amidst global price fluctuations and exchange rate impacts. Over EGP 40 billion are set for “Takaful and Karama,” with a focus on health and education, seeing a 30% increase.