The Egyptian Cabinet at its latest meeting, chaired by Prime Minister Mostafa Madbouly, approved the draft budget for fiscal year (FY) 2025/2026, with revenues estimated at EGP 3.1 trillion, marking an annual growth rate of 19%.

Egypt has raised its funding needs for the draft budget of fiscal year (FY) 2024/2025 by 33% to EGP 2.849 trillion.

President Abdel Fattah El-Sisi directed to increase public spending to improve the living conditions of citizens in the new draft budget for the coming fiscal year (FY) 2024/2025, the Egyptian cabinet stated.

Total revenues are expected to grow by 38.4% in the new budget, while tax revenues are expected to climb by 28% due to the expansion of the tax base and the registration of new financiers.

Deputy chairman of the Egyptian House of Representatives' Budget Committee Yasser Omar said that the Egyptian government is close to finalize the draft budget for the next FY, which is set to be referred to the House of Representatives in the last week of March, according to Ahram Online on March 12th.