Egypt’s Ministry of Finance has allocated EGP 5 billion to support priority industrial activities as part of the country’s draft budget for the 2025/2026 fiscal year, according to Deputy Minister of Finance Ahmed Kojok.
The initiative aims to boost key industrial sectors, enhance production capacity, and support economic growth. Speaking about the allocation, Kojok emphasized the government’s commitment to strengthening local industries and creating a more competitive manufacturing sector.
The move aligns with Egypt’s broader economic strategy to stimulate investment, reduce reliance on imports, and increase exports.
The Egyptian government has approved its budget for the 2025-2026 fiscal year, which begins in July, with total expenditures set at 4.6 trillion Egyptian pounds ($91 billion), according to an official statement.
The budget aligns with the country’s ongoing efforts to reduce spending under its International Monetary Fund (IMF) program.
Government expenditures will increase by 8%, while revenues are expected to grow by 19% compared to the current 2024-2025 budget. Projected revenues stand at 3.1 trillion pounds, leaving an estimated deficit of 1.5 trillion pounds ($30 billion).
The rise in government spending partially reflects Egypt’s inflation rate, which stood at 12.8% in February. However, financial reforms have helped reduce inflation from its peak of 38% in September 2023. These reforms were implemented as part of an $8 billion IMF loan agreement signed in March 2024, aimed at stabilizing the Egyptian economy.
Egypt continues to implement fiscal and monetary policies designed to manage inflation, improve economic stability, and meet the conditions set by the IMF program.
Follow the latest news on Google News
