Egyptian Parliament finally approves FY2023/24 budget
Updated 6/13/2023 8:05:00 AM
Arab Finance: Egypt’s House of Representatives gave its final approval to the upcoming fiscal year (FY) 2023/2024 budget, Al Ahram Gate reported on June 13th.
Egypt targets increasing its revenues in the FY 2023/2024 budget by 41% annually to EGP 2.142 trillion, including roughly 71% of tax revenues predicted to rise by 31% to EGP 1.529 trillion from in FY 2022/2023 budget.
Minister of Finance Mohamed Maait revealed in May that the government is expected to start the new FY 2023/2024 with an ambitious budget plan, targeting EGP 3 trillion in total expenditures and revenues of EGP 2.1 trillion.
The state is also targeting a primary surplus of 2.5% of gross domestic product (GDP).
The government also upgraded its budget deficit forecast for FY 2023/2024 to 7% of GDP from the previous forecast of 6.3%.
On June 12th, the General Authority for Investment and Free Zones’ (GAFI) Chairman Hossam Heiba announced that Egypt expects luring foreign direct investments (FDI) of $12 billion in FY 2023/2024, up 20% from the expected figures for the current FY 2022/2023.
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