Egypt’s parliament on Tuesday approved the state budget for the financial year that begins on July 1, with expenditure rising by 15% and the deficit by 14.5%.
The budget reflects the government’s desire to continue Egypt’s development and improve the lives of its citizens despite recent economic shocks, Minister of Finance Mohamed al-Maait told parliament.
Some members of parliament expressed concern that productive sectors such as industry and agriculture were being neglected and that the deficit should be reduced.
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Spending will climb to 2.07 trillion Egyptian pounds ($111 billion) in 2022/23 from 1.79 trillion pounds this year, while the deficit will increase to 558.2 billion pounds from 487.7 billion.
