Thursday 31 Oct
During the Cabinet meeting held today, Wednesday, chaired by Prime Minister Dr. Moustafa Madbouly, Minister of Finance Ahmed Kouchouk reviewed a report on the financial performance of the fiscal year 2023/2024.
Kouchouk kicked off his
presentation by highlighting key results. The budget achieved a significant
primary surplus of 857 billion Egyptian pounds, an increase compared to the
previous year's 164 billion, even amid economic disruptions.
He noted that the Ministry of
Finance successfully addressed needs across sectors. Education funding rose to
256 billion pounds (up from the budgeted 230 billion). The healthcare received
180 billion pounds (exceeding the original budget of 148 billion). The public treasury paid the dues of the
social insurance and pensions fund, which amounted to 185 billion Egyptian
pounds. It also covered all food
commodity subsidies totaling 133 billion pounds (compared to the budgeted 128
billion).
He noted that these achievements,
added to government wage and salary increases, and providing sufficient
allocations for various support items and social protection programs, contributed
to a 37.4% annual increase in expenditures.
Kouchouk highlighted continued
efforts to improve spending efficiency across all budget categories. He
acknowledged the high debt service burden but emphasized ongoing efforts to
reduce it.
Finance Minister further reported
strong revenue growth of approximately 59.3% in fiscal year 2023/2024. He also
highlighted a lower-than-expected total budget deficit, coming in at around 505
billion Egyptian pounds. This represents a significant improvement compared to
the previous year's deficit of 610 billion pounds and a reduction of roughly
706 billion pounds from the revised budget.
He reviewed trends in allocations
for subsidies, grants, and social programs, with a focus on supporting
industrial production, export promotion, social protection initiatives, health,
and education.
Looking ahead, the Minister
presented future projections for the 2024/2025 fiscal year. Notably, the
Ministry of Finance is aiming to place government debt on a downward path.
In closing, the Finance Minister acknowledged the challenges faced by the public treasury in fiscal year 2023/2024. These included regional geopolitical turmoil, rising inflation, and the implementation of social programs to safeguard citizens and pensioners. Despite these hurdles, the Ministry achieved positive financial performance through effective revenue mobilization and control over public finances
