Egypt has lowered its economic growth forecast for the next fiscal year 2022-2023 to 5.5 percent, compared to a previous forecast of 5.7 percent, which was before the outbreak of the Ukraine war.
The Egyptian Cabinet, headed by Dr. Mostafa Madbouly, approved the draft general budget for the fiscal year 2022/2023, which was presented by Finance Minister Dr. Mohamed Maait, in preparation for referring it to the House of Representatives for discussion in accordance with the rules governing the constitution and the law.
The Minister of Finance reviewed, for the fiscal year 2022/2023, in light of the priorities of financial and economic policy, assignments and the repercussions of external shocks, addressing in this regard the most important objectives and priorities of fiscal policy in the medium term of the draft budget.
Dr. Muhammad Maait explained that the pillars of the general budget for the fiscal year 2022/2023 include advancing social protection efforts, improving the standard of living of citizens, focusing on promoting human development activities (health and education), maintaining the sustainability of financial discipline and government indebtedness, achieving financial stability, and supporting economic activity, especially in the industrial and export sectors. He pointed out that the financial objectives of the upcoming general budget are to achieve a high and balanced growth rate of about 5.5 percent, and to achieve a primary surplus of 1.5 percent of GDP, it reduced the budget deficit to 6.1 percent of GDP, and the debt ratio of budgetary agencies to about 80.5 percent.
Source (Al-Arabiya.net Website, Edited)
