Egypt to Increase Food Subsidy Allocations by 20%

The Egyptian Cabinet announced today, Wednesday, its approval of the draft budget for the upcoming fiscal year 2023-2024, which includes a 20% increase in food subsidy allocations and a 24% increase in petroleum subsidies. The statement noted that Egypt aims for a GDP growth of 4.1% and expects an average inflation rate of 16% for the same fiscal year, starting in July. It added, "The draft budget aims to achieve a primary surplus of 2.5% of GDP, with total revenues expected to rise by 38.4% and tax revenues to grow by 28%." It is worth noting that the draft budget still requires parliamentary approval for ratification.