Finance Ministry begins preparing the budget for FY2023/24

by Asmaa Elwahy

Finance Ministry begins preparing the budget for FY2023/24

According to Daily News, The Ministry of Finance issued a circular preparing the state’s draft general budget for the new FY2023/24, which comes in light of the exceptional circumstances witnessed by the global economy.

Minister of Finance Mohamed Maait stated that global economic challenges will not stymie the process of constructing the new republic, the foundations of which were laid by President Abdel Fattah Al-Sisi in order to help improve the standard of living and the services provided to citizens while aiming for the equitable distribution of budgetary appropriations in a manner that takes into account the response to the requirements of growth and development for all regions and sectors.

He added that the draft budget for the new FY focuses on development priorities, expanding the social protection network, and dealing with the effects of international and local economic challenges in a way that contributes to limiting the repercussions of the global inflationary wave on citizens as much as possible along with completing the process of building the new republic, which is based on the optimal utilization of state resources, achieving equal opportunities, and completing the Decent Life Initiative.

Maait also stated that the government is committed to meeting citizens’ needs, reducing inflationary effects, and achieving economic goals by maximizing financial discipline and the Egyptian economy’s competitiveness, improving the business environment and simplifying procedures to stimulate investment, and achieving high and sustainable growth rates by increasing productivity and export rates and deepening the local component.

It also includes promoting economic development, paying attention to small and medium enterprises and manufacturing industries, expanding the trend towards green transformation, attracting more clean investments by making optimal use of strong infrastructure, and supporting structural reforms so that the private sector leads the development engine and provides more productive job opportunities.

He stated that the country aims to record a growth rate of 5.5% of GDP in FY2023/24 to achieve a sustainable primary surplus of about 2% on average and to put deficit and debt rates on a downward path, pointing out that the ministry aims to reduce the budget deficit to 5% levels in the medium term with a target for the government indebtedness rate to fall to less than 80% of GDP by the end of 2027.

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