Egypt’s budget has achieved an initial surplus of EGP 857 billion in the FY2023/2024, which ended on 30 June, compared to EGP 164 billion in the previous year, marking a 422 percent increase, Minister of Finance, Ahmed Kouchouk, stated on Wednesday17/7/2024.
Khochouk made his statement during the cabinet’s weekly, where he showcased a report on the financial performance of FY2023/2024.
‘The revenues achieved an annual growth rate of about 59.3 percent during the FY2023/2024.
The budget also achieved a lesser total deficit than what was anticipated in the revised budget of around EGP 706 billion, with the overall deficit in the general budget reaching around EGP505 billion in the FY 2023/2024, compared to a deficit of approximately EGP 610 billion a fiscal year earlier’, Kouchouk said during the meeting.
Kouchouk noted that this was achieved despite the shocks that bombarded the economic activity, such as geopolitical tensions in the region, the rise in inflation rates, and the social packages decreed to p
rotect citizens and pensioners.
He added that the ministry was able to meet the requirements of the education sector, which reached around EGP 256 billion, up from EGP 230 billion in the original budget. In addition, Kouchouk said the ministry was able to meet the requirements of the health sector, which reached EGP 180 billion compared to EGP 148 billion in the original budget.
He also noted that the general treasury paid EGP185 billion in dues to the insurance and pension fund. Furthermore, according to Kouchouk, it paid EGP133 billion in dues associated with supporting subsidized commodities compared to EGP 128 billion in the original budget.
He added that the treasury had to keep up with the rise in wages and salaries for people who work in budgetary agencies and provide sufficient allocations for various support clauses and social protection programmes.
Therefore, according to Kouchouk, these expenses promoted a rise in expenditures at an annual rate of 37.4 percent.
During the meeting, the minister
also reviewed the forecasted estimates of the current FY2024/2025 budget, where he explained that the ministry aims to put the budget deficit on a downward trajectory starting this year.
Source: State Information Service Egypt