Egypt raises funding needs in FY2024/25 budget

Egypt has raised its funding needs for the draft budget of fiscal year (FY) 2024/2025 by 33% to EGP 2.849 trillion, Asharq Business reported, citing an official document.

The government targets increasing allocations for petroleum subsidies by 33% to EGP 154.5 billion in the coming FY, while expecting a 5% uptick in food subsidies to EGP 134.15 billion, the document read.

The document also revealed that the government had set the reference price of Brent oil at $82 per barrel, compared to $85 a barrel in the current year’s budget.

On March 27th, The Egyptian cabinet approved the country’s draft budget for the upcoming FY, targeting a growth rate estimated at 4.2%, with the primary surplus expected to hit over 3.5% of gross domestic product (GDP).

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