Egypt adopts medium-term budget framework towards more sustainable public finances

The Medium-Term Budget Framework (MTBF) is one of the key reforms implemented by the Egyptian Ministry of Finance to enhance public financial management.

Deputy Finance Minister Yasser Sabry emphasised the framework’s role in bridging the gap between planning and implementation, enabling government agencies to operate more efficiently and align spending with available resources over a multi-year period.

Sabry expressed gratitude to international institutions like the EU, Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF), and the World Bank for their support in implementing the MTBF. During a workshop, Sobhi described the framework as a crucial step in managing Egypt’s public finances.

Walid Abdallah, head of the Budget Sector, highlighted the MTBF’s adherence to global best practices, which will improve the overall efficiency of Egypt’s public financial management. The framework also offers ministries flexibility in adjusting priorities over the medium term.

International institutions have expressed strong support for Egypt’s financial reform efforts. Brian Finn, a Senior Policy Analyst at the OECD, confirmed the Ministry of Finance’s preparedness to implement the MTBF effectively. Both the OECD and the EU have pledged their continued support for Egypt’s reform initiatives, which are crucial for modernising public financial management.

Overall, the MTBF represents a significant step forward in Egypt’s efforts to ensure fiscal sustainability and enhance the effectiveness of its financial governance.

Attribution: The Egyptian Cabinet

Subediting: Y.Yasser