Egypt to raise food subsidies spending by 20 percent in FY 2023/24 draft budget
Egypt expects to raise its allocation for food subsidies by 20 percent and for petroleum products by 24 percent in the 2023-24 fiscal year, according to a draft budget approved by the cabinet on Wednesday.
For the latest headlines, follow our Google News channel online or via the app.
The budget forecasts GDP growth at 4.1 percent and inflation at an average rate of 16 percent during the next fiscal year, which starts in July, according to a cabinet statement.
Egypt has been struggling to contain economic pressures exposed by the consequences of the war in Ukraine, which include rising costs to grain and fuel imports.
Its currency has come under renewed pressure this month despite three sharp devaluations since last March that have seen the Egyptian pound lose nearly half its value against the dollar. Headline inflation has accelerated to five-and-a-half year highs of 31.9 percent.
Despite the challenges, the government is projecting a primary surplus of 2.5 percent, a 38.4 percent rise in overall revenues and a 28 percent rise in tax revenues, the cabinet statement said.
The budget still needs approval by Egypt’s parliament.
World Bank agrees $7 bln new partnership framework with Egypt
Egypt offers new ways foreign investors can buy citizenship to attract vital dollars
Egypt’s inflation spikes again, hiking prices of basic food
World Bank agrees $7 bln new partnership framework with EgyptThe World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027 providing the country with $7 billion in ... Economy
Egypt offers new ways foreign investors can buy citizenship to attract vital dollarsEgypt announced Wednesday it is offering citizenship to foreign investors willing to spend at least $250,000 in the country, as it struggles to fill ... Economy
Egypt’s inflation spikes again, hiking prices of basic foodInflation in Egypt again hit a new high for this year in February, the government said Thursday, with prices rising most steeply for food. The country ... Middle East