Minister : Egypt Aims to Achieve Growth Rate of 5.5%, Primary Surplus of 2%

Dr. Mohamed Maait, Minister of Finance, affirmed that the state’s draft general budget for the new fiscal year 2023/2024, comes in light of exceptional circumstances in the global economy, which impose extremely difficult pressures on the budgets of countries, including Egypt.

He confirmed that the draft budget for the new fiscal year focuses on development priorities, expanding the social protection network, and dealing with the effects of international and local economic challenges.

The minister added that the draft budget aims to improve the lives of 60% of Egyptians who live in rural areas and to increase spending on health and education.

He revealed that Egypt aims in the fiscal year 2023/2024, despite the unprecedented global economic challenges, to record a growth rate of 5.5% of the gross domestic product, and to achieve a sustainable primary surplus of about 2% on average, in addition to controlling the public budget deficit.