President Sisi reviews the draft state budget and directs continued financial discipline
President Abdel Fattah El-Sisi met today with Prime Minister Dr. Mostafa Madbouly, Minister of Finance Dr. Mohamed Maait, and Ahmed Kouchouk, Deputy Minister of Finance for Financial Policies.
Advisor Dr. said. Ahmed Fahmy, the official spokesman for the Presidency of the Republic, said that the meeting dealt with a review of the draft budget for the next fiscal year 2024/2025, where the Minister of Finance presented in this regard the most prominent final indicators of the draft budget, which is based on achieving a growth rate of 4% of the gross domestic product, as well as It will witness achieving an initial surplus of 3.5% and reducing the total deficit in the medium term to 6% of the gross domestic product, in addition to the growth of revenues in the state’s general budget by about 36% to reach 2.6 trillion pounds, and the growth of public expenditures of the state’s general budget by 29%. To 3.9 trillion pounds, allocating 575 billion pounds for wages, and 636 billion pounds for support, grants and social benefits, including 144 billion for food supplies and 154 billion to support petroleum products as a result of the rise in global oil prices and the impact of the change in the exchange rate. This is considered a major challenge to the state’s public finances, in addition to more. From 40 billion pounds to “Solidarity and Dignity” In addition to increasing allocations for health and education by 30%, as they are a “presidential priority.” To complete the strategy of building the Egyptian human being during the upcoming budgets, starting with the budget for the fiscal year 2024/2025.
The Minister indicated that, for the first time this year, the concept of the general government budget will be introduced in a way that contributes to demonstrating the true capabilities of the state’s public finances according to a reading Objectively, it reflects the entire revenues and expenditures of the state and its public bodies, explaining that the “general government” budget will be presented. In the fiscal year 2024/2025, it includes the state’s general budget and the budgets of 40 economic bodies as a first stage, bringing the total revenues of the general government budget to 4 trillion pounds, while its total expenditures reach 4.9 trillion pounds.
The official spokesman stated that the President In this context, he directed to continue to maintain financial discipline and ensure the financial sustainability of the state’s general budget, in addition to continuing to take all necessary measures to reduce the public budget debt and its service burden.
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