Egypt will allocate $4.14 billion to support food in the 2023-2024 budget

Egypt will allocate $4.14 billion to help meals within the 2023-2024 finances

World By Jun 13, 2023 No Comments

A doc seen by Reuters confirmed in the present day, Tuesday, that Egypt will allocate 127.7 billion Egyptian kilos ($4.14 billion) to the meals subsidy program within the finances for the 2023-2024 fiscal yr, which begins on July 1.

Egypt, with a inhabitants of 105 million, is likely one of the world’s largest importers of wheat and depends on imports of different staple meals and gas.

A monetary assertion connected to the draft finances accepted by Parliament said that the Ministry of Finance estimated Egypt’s want for 8.25 million tons of wheat within the subsequent fiscal yr, and that the finances was primarily based on an oil worth of $80 per barrel of Brent crude.

The doc additionally confirmed that the draft finances expects spending of two.991 trillion Egyptian kilos and revenues of two.142 trillion kilos within the new fiscal yr, and the full deficit is anticipated to achieve 824.44 billion kilos, or 6.96% of the gross home product. The finances accepted by Parliament on Monday estimates actual GDP development of 4.1. % and a mean inflation charge of 16%.

It additionally estimates that the common rate of interest on authorities debt devices is eighteen.5%.

The Egyptian authorities had introduced in March that it might elevate allocations for meals subsidies by 20% and subsidies for petroleum merchandise by 24% within the draft finances for the fiscal yr 2023-2024.

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