Egypt's 2023/24 Budget Achieves Primary Surplus of EGP 857 Billion, Says Finance Min.

Ahmed Kouchouk, Egyptian Minister of Finance reviewed the most important financial results for the fiscal year 2023/24, explaining that the budget achieved a primary surplus of EGP 857 billion compared to about EGP 164 billion in the previous fiscal year, despite the shocks that affected economic activity.

The minister of finance said during Wednesday's cabinet meeting that the ministry met the various needs of the education sector, which amounted to about EGP 256 billion compared to about EGP 230 billion in the original budget. It also provided for the needs of the health sector, which amounted to about  EGP 180 billion compared to about EGP 148 billion, and the public treasury paid the dues of the Insurance and Pensions Fund, which amounted to EGP 185 billion.

He continued: “The Ministry also paid all dues for supporting food commodities at a value of EGP 133 billion compared to about EGP 128 billion, pointing out that this, in addition to increasing the wages and salaries of workers in the public agencies, and providing sufficient allocations for various support items and social protection programs, contributed to Increasing expenses at an annual growth rate of 37.4%.

Kouchouk stressed the continuation of efforts to improve the expenditure structure, which has been achieved in general for all sections of the budget, noting that the debt service bill is still high, and 'we are working to reduce it'.

The Minister of Finance added that revenues achieved annual growth of about 59.3% during the fiscal year 2023/24, and the budget also achieved a total deficit smaller than what was included in the amended budget by about EGP 706 billion, noting in this regard to the decrease in the total deficit in the general budget during the fiscal year 2023/24, amounting to about EGP 505 billion compared to a deficit of about EGP 610 billion in the previous fiscal year.

The Minister of Finance reviewed the rates of development that occurred with regard to support allocations, grants, and social benefits, especially with regard to supporting industrial production, supporting export stimulation, as well as what is related to social protection programs, and the health and education sectors.

HE also reviewed the future estimates of the budget for the fiscal year 2024/25, explaining that the Ministry of Finance aims to put the budget debt on a downward path.

At the conclusion, the minister reiterated that despite the challenges that the Public Treasury faced during the fiscal year 2023/24 due to geopolitical turmoil in the region, high inflation rates and the social packages that were approved to protect citizens and pensioners, the ministry succeeded in achieving good financial performance from By taking the necessary measures to mobilize revenues and adjust public financial conditions.