Egypt allocates EGP 202 bln to pensions in 2023/24

Muhammed Khalid , Wednesday 28 Jun 2023

Egypt is allocating EGP 202 billion ($6.54 billion) of its budget for the fiscal year 2023/24 to pensions, a six percent increase compared to EGP 191 billion in the current fiscal year, according to a statement by the Ministry of Finance on Wednesday.

Pension
Egyptian citizens receive pensions from a local post office in Cairo. Photo: Ahram

 

The new budget will start on 1 July 2023 with total expenditures of EGP 2.99 trillion and total revenue of EGP 2.14 trillion.

Meanwhile, the budget for subsidies and social protection programmes will increase from EGP 358.4 billion in FY2022/2023 to EGP 529.7 billion (around $17.1 billion) in FY2023/2024, an increase of 48.8 percent.

The country's new budget targets a 4.1 percent GDP growth and a budget deficit of 6.9 percent of GDP.

Egypt will invest EGP 1.65 trillion in FY 2023/24, including EGP 1.05 trillion from the government and EGP 600 billion from the private sector.

The Egyptian government aims to increase private investments to 50 percent by the end of FY2025/26 and oversee a reduction in public investment from 71 percent in FY2021/22 to 50 percent by FY2025/26.

To fund these investments, the government seeks to collect $83 billion in foreign currencies during FY2023/24.

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