Egypt unveils government work program until FY 2026/27

Updated 7/14/2024 6:13:00 AM

Arab Finance: The Egyptian government has introduced its updated work program document for until the fiscal year (FY) 2026/2027 outlining key objectives, CNBC Arabia reported.

The program aims to increase economic growth rates to 5.5%, reduce the budget deficit to 6.6%, and lower unemployment rates to 6.5%.

Additionally, it targets boosting the value of exports to $130 billion, increasing tourist numbers to 17.8 million, and raising tourism revenues to $17.1 billion.

This is in addition to achieving 53% self-sufficiency in wheat production, raising the average annual growth of public revenues to 17.4%, and attaining a primary surplus of 3.3% of gross domestic product (GDP).

Furthermore, the program seeks to expand the capacity of Egyptian airports to 72.2 million passengers annually and the EgyptAir fleet to 97 aircraft, in addition to 6 air cargo planes.

It also aims to increase the share of private investments to 51% of total investments.

Also, Egypt aims to build 1,000 overhead bridges and tunnels across its road network to address the traffic congestion crisis under the government work program document, according to Asharq Business.

The plan includes creating 35 new axes along the Nile in both Upper and Lower Egypt.

This national project is designed to link the road network with development plans and is projected to save $8 billion annually in fuel costs lost to traffic congestion.

On July 3rd, the new Egyptian government was sworn in before President Abdel Fattah El-Sisi at the Ittihadiya Palace, marking a significant reshuffle aimed at steering the country through its next phase of development.