Egypt Citizen's Budget primacies human growth
Date
8/29/2024 8:46:11 AM
(MENAFN) On Thursday, the Egyptian Ministry of Finance unveiled the annual Citizen’s Budget report for the fiscal year 2024/2025. This report, traditionally released in late August or September following the House of Representatives' approval of the general budget, highlights the government's strategic priorities and financial goals for the upcoming year.
The new budget reflects a commitment to maintaining financial discipline while mitigating the adverse effects of rising prices on the general populace. Among its primary objectives are the reduction of government debt, enhancement of social protection measures, and the improvement of living standards across the country.
A significant emphasis is placed on advancing human development, particularly in the sectors of health and education. The budget outlines plans to build and support Egyptian human capital, fostering continued growth in these critical areas. Additionally, the budget supports economic activity with a focus on productive sectors such as industry, agriculture, and export-oriented businesses.
To achieve its financial discipline goals, the budget sets a target for reducing the general budget deficit to 7.3 percent of GDP for the fiscal year 2024/2025. It also aims to maintain a primary surplus of approximately 3.5 percent of GDP. These targets are intended to improve fiscal stability and support long-term economic health.
Moreover, the budget includes a detailed strategy for reducing public debt. It aims to lower the debt-to-GDP ratio to 88 percent by June 2025 and further decrease it to below 80 percent by June 2027. In addition to debt reduction, the budget plans to extend the maturity of domestic debt to bolster confidence in the Egyptian economy and ensure more stable financial management.
Overall, the 2024/2025 Citizen’s Budget underscores the Egyptian government’s focus on balancing financial prudence with investments in human capital and economic growth. This comprehensive approach seeks to address both immediate economic challenges and long-term development goals.
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