Egypt expects budget deficit at nearly EGP 1.3 tln in FY2024/2025

This represents an increase from an estimated EGP 555 billion, or four percent of the GDP, in FY2023/2024.

One of the primary objectives of Egypt's FY2024/2025 budget plan, announced in April, was to achieve an overall budget deficit of 7.2 percent, equivalent to EGP 1.2 trillion.

Total government expenditure is expected to reach EGP 6.6 trillion, while revenues are anticipated to amount to EGP 5.3 trillion in FY2024/2025.

During a cabinet meeting in July, Minister of Finance Ahmed Kouchouk stated that the ministry aims to put the budget deficit on a downward trajectory during FY2024/2025.

According to the ministry's statement, all financial indicators will be assessed based on state budget revenues and expenditures, including the budgets for public economic and service authorities and administrative entities.

The approved budget for the current fiscal year, announced in June, reflects the data of 59 economic authorities under the government's umbrella, read the statement.

The statement added that the finance ministry is also committed to preparing semi-annual reports and a final account of all public economic entities.

Egypt is targeting a real GDP growth rate of four percent, with the current rate standing at 3.759 percent, according to the World Bank.