After the implemented reforms, Egypt approves a huge budget for the country

On Wednesday, the Egyptian Council of Ministers approved the draft budget for the fiscal year 2024/2025, as well as the budgets of public economic bodies, in preparation for sending them to the House of Representatives on the constitutional date at the end of this month.

During the meeting, Mohamed Maait, the Egyptian Minister of Finance, indicated that next Sunday, for the first time, the draft general government budget will be presented to the House of Representatives, which includes “the general budget of the state’s administrative apparatus and all economic bodies,” bringing the total general government expenditures to 6.4 One trillion pounds ($135.39 billion), and its revenues are 5.05 trillion pounds.

Maait added that the step reflects the structural reforms that were made with the recent amendment to the Unified Public Finance Law, according to which the concept of the “general government budget” was introduced, which includes the state’s general budget and the budgets of economic bodies, in a way that contributes to clarifying the true capabilities of the state’s public finances according to a more objective reading. Comprehensively, it includes all revenues and expenditures of the state and its public bodies.

The minister added that the Egyptian government aims, in the new state budget, to achieve a large primary surplus of more than 3.5 percent of the gross domestic product, and to reduce the total deficit in the medium term to 6 percent. (Sky News Arabia)

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