Government Revises Budget

Giving More to Your Wealth
21 Mar 2022

After a meeting with the President, the Egyptian government announced a revised draft state budget for FY22/23 in light of the steep rises in commodities prices driven by the Ukraine conflict. The new figures show a target primary surplus of 1.5% versus 2% in the previous draft, and an overall budget deficit of 6.3% of GDP versus 6.1% previously and 6.9% for the current FY21/22. State revenues are forecast to increase by 17%, and expenditures to increase by 16%. The debt-to-GDP ratio is expected to drop to 80.5%.

The President also instructed the government to prepare a package of social protection measures immediately, aimed at alleviating some of the economic pressures of the recent negative global developments on citizens, especially the most vulnerable.

(Source: Reuters (English), al-Ahram (English) (Arabic), Daily News Egypt (English), Egypt Today (English), Egypt Independent (English), al-Youm al-Saabe, al-Masry al-Youm, al-Watan, al-Dustour, Akhbar al-Youm, Sada el-Balad, Masrawy, CNBC Arabia, al-Arabiya)

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