Egypt’s Citizen Budget: FY 24/23 ends on a strong note

The Egyptian government released the key financial performance indicators for a primary conclusion fiscal year 2024/2023, showing a primary surplus of 6.1 per cent of GDP, according to Citizen’s Budget report for fiscal year 2024/2025 released on Thursday.

Overall deficit decreased to 3.6 per cent from 6.1 per cent in the previous fiscal year, a reduction that includes returns from the Ras El Hekma deal.

Revenue growth outpaced expenditure growth, with a remarkable 60 per cent increase in revenues. Tax revenues which saw a 30 per cent rise, was allocated to essential services like health, education, and social protection.

Non-tax revenues experienced a substantial increase of 190 per cent, driven largely by the diversification of state income sources. A significant contributor to this surge was the treasury receiving 50 per cent of the proceeds from the Ras El Hekma deal.

Attribution: Citizen’s Budget FY 2024/2025 report

Subediting: M. S. Salama