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Egypt’s Budget: A Balancing Act with Big Bets

Eriki Joan UgunushebyEriki Joan Ugunushe
March 10, 2024
in Government
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Egypt’s Inflation Expected to Ease Further Despite Recent Devaluation
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Egypt’s government is aiming for a brighter financial future, but there are some storm clouds to navigate. Finance Minister Mohamed Maait recently announced that the country expects a surplus on its core budget (excluding debt interest payments) exceeding 3.5% starting in July. This sounds positive, but there’s a catch: interest payments are a huge chunk of Egypt’s spending, currently eating up more than half!

The government is taking steps to address this. Firstly, they’ve projected a smaller overall budget deficit thanks to a recent land deal – selling development rights for a fancy resort area called Ras al-Hikma for a whopping $24 billion! This injects some much-needed cash into the system.

Secondly, Egypt secured a significant financial support package led by the International Monetary Fund (IMF). This includes not just IMF funds, but also support from the World Bank. Think of it as a helping hand to get Egypt back on track.

Egypt’s Budget: A Balancing Act with Big Bets

But there are some trade-offs. As part of the deal, Egypt devalued its currency (making Egyptian pounds less valuable compared to dollars) and raised interest rates. This can be tough on people in the short term, as it can make everyday goods more expensive. Additionally, a drop in revenue from sources like the Suez Canal has made budgeting even trickier.

The government is committed to tightening its belt and selling off some state-owned assets to raise additional funds. Their goal? To keep the country’s debt under control, aiming for a level below 90% of its total economic output.

Tags: egyptEgypt's Budget: A Balancing Act with Big Bets.federal charactergovernmentNews
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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