Tonight, in Egypt, the government has unveiled their ambitious plan for the upcoming fiscal year. It’s a bold strategy that includes attracting $30 billion in foreign direct investment and targeting an inflation rate between 19 and 25 percent. The approved budget reveals total revenues of EGP2.6 trillion, with expenditures exceeding EGP3.9 trillion. The deficit stands at approximately EGP1.2 trillion, a significant 7.3 percent of GDP. The Ministry of Finance is working diligently to reduce the debt-to-GDP ratio to less than 80 percent by 2027.
Dr. Hala Elsaid, Egypt’s Minister of Planning and Economic Development, is optimistic about the economy’s growth potential. She predicts a 2.9 to 3 percent growth in the current fiscal year, followed by an impressive 4.2 percent in the 2024-2025 fiscal year. This growth will be fueled by increased investment spending, stronger net exports, and higher consumer spending.
This is a critical moment for Egypt, with economic progress on the horizon. Stay informed on all economic developments by visiting our website for the latest updates.
