Draft FY22/23 Government Budget Presented to Parliament

Giving More to Your Wealth
09 May 2022

The Finance Minister has presented the government’s FY22/23 budget to Parliament. The budget indicates that government expenditures are expected to rise by 16%, while revenue is expected to rise by 17%. A primary surplus of 1.5% should be achieved, up from 1.2% in FY21/22, while the overall budget deficit will represent 6.1% of FY22/23 GDP. The debt-to-GDP ratio is projected at 84%, down from 85% in FY21/22. Some of the assumptions in the budget are that GDP growth will be 5.5%, revised down from 5.7%, and that inflation will average 9%. The Minister highlighted that this budget has been drafted in the midst of the severe negative economic fallout from the Russia-Ukraine conflict, and that the strength of the economy will mitigate some of the conflict’s repercussions. (Sources: Ministry of Finance, Reuters (English), Zawya (English), Egypt Today (English), Daily News Egypt (English), Amwal al-Ghad, al-Borsa, al-Ahram, al-Youm al-Saabe, al-Masry al-Youm, al-Shurouk, al-Watan, Akhbar al-Youm, al-Sharq Business, CNBC Arabia, al-Arabiya, al-Sharq alAwsat, Sky News Arabia, al-Ain, Euronews, RT)

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