The Finance Ministry will start preparing the draft budget for 2023/2024 fiscal year that comes at a time global economy is marred by unprecedented price hikes in commodities services as a result of disruption of global supply chains and high costs.

Finance Minister Mohamed Maait said these economic hardships are placing burdens not only on the budget of Egypt but on all world countries.

But despite these global challenges, the State is determined to move ahead with building pillars of new Republic that were set by President Abdel Fattah El Sisi; improving living standards and developing public services.

The new draft budget prioritizes development, expansion of social protection, addressing international and local economic challenges in a way that will mitigate effect of current global inflation wave on citizens, especially low-income ones, best exploitation of State resources, completing Decent Life initiative and increasing expenditures on health and education.

He said the government is still committed to improving business environment, simplifying investment procedures, achieving high sustainable development rates, increasing productivity, converting to green economy projects, luring more clean investments, boosting structural reforms and providing more jobs.

Despite global challenges, the State seeks to achieve 5.5-percent GDP growth rate, targets a 2% initial surplus to GDP ratio, decrease budget deficit to 5% while targeting reducing government debts to less than 80% of GDP by 2027.

Source: State Information Service Egypt