"Ministers" The draft budget for the fiscal year 2024-2025 is approved in preparation for sending it to the House of Representatives
The Council of Ministers agreed, at its meeting today, Wednesday; Under the chairmanship of Prime Minister Dr. Mustafa Madbouly, the draft budget for the fiscal year 2024-2025, as well as the budgets of public economic bodies, in preparation for sending them to the House of Representatives on the constitutional deadline at the end of this month of March.
The Minister of Finance, Dr. Mohamed Maait, indicated during The meeting indicated that next Sunday, for the first time, the draft general government budget will be presented to the House of Representatives, which includes “the general budget of the state’s administrative apparatus and all economic bodies,” bringing the total general government expenditures to 6.4 trillion pounds, and its revenues to 5.05 trillion pounds. Reflecting the structural reforms that were made with the recent amendment to the Consolidated Public Finance Law, according to which the concept of “general government budget” was introduced; Which includes the general budget of the state and the budgets of economic bodies, in a way that contributes to clarifying the true capabilities of the state’s public finances according to a more comprehensive, objective reading that includes the entire revenues and expenditures of the state and its public bodies.
The Minister of Finance added that we are targeting the new general budget of the state. Achieving a large primary surplus of more than 3.5% of GDP, reducing the total deficit in the medium term to 6%, and putting the debt-to-GDP ratio on a downward path to reach 80% in June 2027, through a new strategy that includes setting a legal ceiling for debt. "General Government" It cannot be exceeded except with the approval of the President of the Republic and the Council of Ministers, in addition to directing half of the revenues from the “Proposals” program To directly reduce the size of government debt while also working to prolong the life of the debt.
Dr. Mohamed Maait pointed out that a ceiling has been set for the total public investments of the state in all its bodies and entities not to exceed one trillion pounds in the next fiscal year 2024-2025. This is to make room for the private sector in a manner consistent with the state’s efforts aimed at increasing the contributions of this important sector to economic development activity. He explained that the growth rate of the state’s general budget revenues and the “administrative apparatus” During the fiscal year 2024-2025, it will reach 36%, reaching 2.6 trillion pounds, while the growth rate of expenditures is 29%, reaching 3.9 trillion pounds, pointing out that President Abdel Fattah El-Sisi, President of the Republic, directed that allocations for the health and education sectors be increased by more than 30%, as they come among the state’s most important priorities to complete the strategy of building the Egyptian human being during the upcoming budgets, starting from the fiscal year 2024-2025.
The Minister of Finance explained that President Abdel Fattah El-Sisi also directed to increase the allocations for support, grants, and social benefits to 636. One billion pounds, including 144 billion pounds to support food commodities, and 154 billion pounds to petroleum products as a result of the rise in global oil prices and the impact of exchange rate changes, in addition to 215 billion pounds for pensions, 23 billion pounds to support exports, and 40 billion pounds for “Solidarity and Dignity.”
He pointed out that we aim to grow non-tax revenues by 60%, and tax revenues by 30%, without adding any tax burdens on citizens or investors, by expanding the tax base by maximizing efforts to optimally exploit electronic tax systems in integrating the non-tax economy. formal in the formal economy.
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