Egypt aims to attract $30 billion in foreign direct investment (FDI) in the 2024-2025 fiscal year, which begins on July 1.
According to Egypt’s preliminary budget statement, which was approved by parliament, the country is targeting an inflation rate between 19 percent and 25 percent for the same fiscal year.
Egypt’s Cabinet has approved the state’s general budget for 2024-2025, as well as the general report from the Planning and Budget Committee on the draft economic and social development plan for the next fiscal year.
The country’s general budget indicators show that total revenues are expected to be EGP2.6 trillion. Total expenditures are around EGP3.9 trillion. Moreover, the total deficit is approximately EGP1.2 trillion, which is 7.3 percent of the gross domestic product (GDP).
The Egyptian Ministry of Finance is working to quickly reduce the debt-to-GDP ratio to less than 80 percent by June 2027.
Dr. Hala Elsaid, Egypt’s Minister of Planning and Economic Development, has predicted that the country’s economy will grow by 2.9 percent or 3 percent in the financial year ending June 2024, before accelerating to 4.2 percent in the 2024/25 fiscal year.
Dr. Elsaid attributed this growth to increased investment spending, stronger net exports, and higher consumer spending.
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