Egypt's new budget to boost exports by LE 23B: Finance Minister

Egypt has allocated LE 23 billion to support exports and encourage investors to expand their export activities, Minister of Finance, Mohamed Maait, announced during an open dialogue with press and media figures about the new budget.

Furthermore, he revealed that the total value of goods released from ports since January has exceeded $14.5 billion.

 

Minister Maait emphasized that the agreement with the International Monetary Fund (IMF) is expected to bring in foreign exchange inflows surpassing $20 billion.

 Additionally, the European Union's financial package, estimated at €7.4 billion, further bolsters the country's path towards economic stability.

 

In terms of support, Egypt has earmarked LE 596 billion, including over LE 134 billion for food supplies and more than LE 147 billion to support petroleum products.

 

The proposed budget outlines total public expenditures of LE 3.9 trillion, with projected revenues anticipated to reach LE 2.6 trillion. The government has set a target of LE 2 trillion in tax revenues.

 

Minister Maait shared that Egypt aims to achieve a 3.5 percent primary surplus in its GDP for the fiscal year 2024/2025, while also striving to reduce the total deficit to 6 percent of GDP in the medium term.