President Abdel Fattah El-Sisi today held a meeting with Prime Minister Dr. Mostafa Madbouly, Minister of Finance Dr. Mohamed Maait, and Vice Minister of Finance for Fiscal Policies Ahmed Kouchouk.
According to the Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, the meeting focused on reviewing the draft budget for the fiscal year 2024/2025. Minister of Finance Dr. Maait presented the key final indicators of the draft budget, aiming for a 4% growth rate of the Gross Domestic Product and an initial surplus of 3.5%. The draft budget also aims to reduce the total deficit to 6% of the GDP, increase revenues in the state’s general budget by 36% to 2.6 trillion Egyptian pounds, and raise public expenditures by 29% to 3.9 trillion Egyptian pounds. Significant allocations include 575 billion Egyptian pounds for wages, 636 billion Egyptian pounds for subsidies, grants, and social benefits, as well as funds for basic food supplies, subsidizing petroleum products, and supporting programs like “Takaful and Karama.” Health and education will also see a 30% increase in funding, aligning with the President’s vision for building the Egyptian society.
Dr. Maait highlighted the introduction of the general government budget for the fiscal year 2024/2025, which encompasses the state’s general budget and budgets of 40 economic bodies, totaling revenues of 4 trillion pounds and expenditures of 4.9 trillion pounds.
President El-Sisi emphasized the importance of maintaining financial discipline, ensuring the financial sustainability of the state’s general budget, and taking measures to reduce public budget debt and service burdens.
Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.