Egypt releases $14.5B worth of essential goods YTD
Updated 3/19/2024 1:59:00 PM
Arab Finance: The Egyptian government has released essential goods worth $14.5 billion at ports since the beginning of this year, Minister of Finance Mohamed Maait announced during an open dialogue with press and media figures about the new budget for the upcoming fiscal year (FY) 2024/2025.
Maait also revealed that foreign exchange flows will exceed $20 billion after the agreement with the International Monetary Fund (IMF).
The minister highlighted that petroleum products subsidies will surpass EGP 147 billion in the upcoming FY as a result of the rise in global oil prices.
The total public expenditures of the new budget amount to EGP 3.9 trillion, while state revenues are expected to hit EGP 2.6 trillion.
Maait added that Egypt targets EGP 2 trillion in tax revenues without adding any additional burdens on citizens or investors.
Moreover, he said that the government is working to confront inflation with an integrated package of more efficient economic policies.
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