Finance minister: Global economic challenges not to obstruct of ‘new Republic”

Minister of Finance Mohamed Maait said Friday that the cabinet okayed the draft budget of Fiscal Year 2023/2024, which coincided with exceptional circumstances the global economy is witnessing and imposed harsh pressures on the budgets of countries including Egypt.

In a statement, he said the global economic challenges will not obstruct the construction of the ‘new Republic” whose pillars had been laid out by President Abdel Fattah El Sisi to improve the living conditions of citizens.

He described the financial appropriations for investments as unprecedented, saying they hit EGP 306 billion out of total investments amounting to EGP 586.7 billion.

The minister said the allocations for the state administrative machinery, local administration and public service authorities reached 3 trillions with a 44.4 percent rise to improve services offered to citizens.

He said the government is keen on fulfilling “Decent Life” Presidential initiative which aims at improving living conditions in rural areas, pointing out that the initiative is the biggest project in Egypt’s history as it would improve the living conditions of 60 percent of Egyptians.

The finance minister said the appropriations allocated for university and pre-university education and scientific research at the new budget increased by EGP 48.6 billion to reach EGP 305.2 billion recording a 19 percent increase.

According to Maait, EGP 28.1 billion had been allocated to support exports, a matter that helps disbursing the dues of exporters in 3 months.