Egypt’s parliament greenlights additional EGP 85B FY2024/25 budget allocation
Updated 6/30/2025 8:41:00 AM
Arab Finance: The Egyptian House of Representatives has given its final approval to an additional appropriation of EGP 85 billion for the fiscal year (FY) 2024/2025 budget, as reported by Ahram Gate.
The additional allocation comes in light of the urgent economic and financial changes during the current fiscal year.
The move aims to address the impact of a weaker Egyptian pound, which has depreciated to EGP 49.65 against the US dollar.
This exchange rate is compared to the originally assumed rate of EGP 45 under the approved budget.
The extra funding also takes into account higher-than-expected interest rates, which have pushed the average cost of borrowing on government debt instruments above the planned 25%.
As a result, additional interest expenses of EGP 57.1 billion have risen.
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