Egypt's new budget targets 5.5% economic growth in new FY2023/24

Newspaper Title: /www.egypt-business.com

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Tuesday - 27 December 2022

"The draft of the new FY2023/24 budget prioritises three objectives: absorbing the inflationary shocks and pressures resulting from the global economic crises triggered by the war in Ukraine, expanding social protection programmes to help low-income citizens bear the rising costs of living, and achieving greater development," said Minister of Finance Mohamed Maait in a statement.

"In the new FY2023/24 we also aim to achieve greater fiscal discipline and raise the competitiveness of the Egyptian economy to be a more export-led one," he added.

The preparation of Egypt's new budget comes amid exceptional circumstances gripping the world economy and exerting tremendous pressure on the budgets of most world countries, including Egypt, by increasing the prices of goods and financing, and by disrupting supply chains.