June 13, 2024
Egypt aims to attract $30 billion in foreign direct investment (FDI) in the 2024-2025 fiscal year, which begins on July 1.
According to Egypt’s preliminary budget statement, which was approved by parliament, the country is targeting an inflation rate between 19 percent and 25 percent for the same fiscal year.
Egypt’s Cabinet has approved the state’s general budget for 2024-2025, as well as the general report from the Planning and Budget Committee on the draft economic and social development plan for the next fiscal year.
The country’s general budget indicators show that total revenues are expected to be EGP2.6 trillion. Total expenditures are around EGP3.9 trillion. Moreover, the total deficit is approximately EGP1.2 trillion, which is 7.3 percent of the gross domestic product (GDP).
The Egyptian Ministry of Finance is working to quickly reduce the debt-to-GDP ratio to less than 80 percent by June 2027.
Dr. Hala Elsaid, Egypt’s Minister of Planning and Economic Development, has predicted that the country’s economy will grow by 2.9 percent or 3 percent in the financial year ending June 2024, before accelerating to 4.2 percent in the 2024/25 fiscal year.
Dr. Elsaid attributed this growth to increased investment spending, stronger net exports, and higher consumer spending.
Source: economymiddleeast
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
