Egypt’s state budget for FY 2022/2023 is allocating more than EGP 3 trillion towards public spending, developing, and improving services offered to citizens, explained Finance Minister Mohamed Maait earlier today.

Maait stressed that the new budget is the largest in Egypt’s history by exceeding the 3 trillion mark.

The minister emphasized that the new budget reflects the government’s eagerness to push the country’s development, and increase spending on improving citizens’ lives amidst global happenings that are impacting the world’s economies.

For the upcoming fiscal year (FY) of 2022/2023, the country aims to direct EGP 2 trillion towards public spending with revenues estimated at around EGP 1.5 trillion.

Maait added that Egypt is aiming for a real growth rate of 5.5% in the next fiscal year (which starts on July 1st) and decreasing the country’s total deficit to 6.1% of its gross domestic product (GDP).

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The state will be supporting public investments with around EGP 376.5 billion in funds, introducing EGP 5 billion towards reducing electricity prices for the industrial sector, and spending EGP 356 billion on social protection programs.