Cairo - Mubasher: Egypt has allocated more than EGP 3 trillion in the 2022-2023 budget to complete the development process, increase public spending, and improve the services offered to citizens, the Egyptian Minister of Finance, Mohamed Maait, said.
In fiscal year (FY) 2022/2023, the total value of public spending and estimated revenues amounted to around EGP 2 trillion and EGP 1.5 trillion.
Maait added that the country has increased the amount allocated for health and education in the 2022-2023 budget, with EGP 476 billion in the pre-university and university education, EGP 79.3 billion in the scientific research, and EGP 310 billion in the health sector.
In addition, the country will support public investments with EGP 376.5 billion, the electricity price reduction for the industrial sector with EGP 5 billion, and social protection with EGP 356 billion.
The Minister of Finance further remarked that Egypt targets a 5.5% real growth rate in FY22/23 and a decrease in the total deficit to 6.1% of the gross domestic product (GDP).
