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Thndr Claps » EGY Claps » FY 2023 budget in front of House ⚖

FY 2023 budget in front of House ⚖

by Ziad Amin
May 10, 2022

The Clap
Minister of Finance Mohamed Maait presented the proposed budget for the FY  2022-2023, which will take effect if the House of Representatives votes in its favor & approved by the President.

Here are the highlights of the budget’s draft:

  • The government’s support for oil will reach EGP 28.1 billion, 50% more than the current budget. The government’s total financial support will amount to EGP 356 billion, 11% higher than the current support.
  • The government plans to raise its tax revenues to EGP 1.17 trillion, compared to EGP 983 billion in the current fiscal year, an increase of 20%.
  • The deficit between revenues and spending is expected to widen to EGP 558.2 billion, compared to a EGP 475.5 billion deficit in the current year’s budget.
  • The government estimated the price of a barrel of oil at $80m increasing from the current $60/barrel. The price of brent crude currently hovers around $105/barrel. 

Why this matters
As a result of the economic crisis, the government is forced to increase its spending, & has approved a package of financial and social relief last March to mitigate its severity.

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