Egypt has allocated 127.7 billion Egyptian pounds ($4.14 billion) to the food subsidy program in the budget for the fiscal year 2023-2024, which begins on the first of next July. Egypt, with a population of 105 million, is one of the world's largest importers of wheat and is also dependent on imports of other staple foods and fuel.
The Ministry of Finance estimated Egypt's need for 8.25 million tons of wheat in the next fiscal year, while the budget was based on an oil price of $80 per barrel of Brent crude. According to the draft budget, it is expected to spend 2.991 trillion Egyptian pounds and generate revenues of 2.142 trillion pounds in the new fiscal year. It is also expected that the total deficit will reach 824.44 billion pounds or 6.96 percent of the gross domestic product.
Source (Alkhaleej Emirati Newspaper, Edited)
