The amendment also includes updates to the treasury’s legal budget schedules for the fiscal year ending June 30, 2025.
Planning Minister Rania Al-Mashat presented the plan amid ongoing regional uncertainties, noting that preliminary indicators from the first nine months of the current fiscal year signal improving economic performance
The BoP’s deficit was primarily driven by a sharp increase in the current account deficit, which surged to $5.9 billion from $2.8 billion in the first quarter of the previous fiscal year.
Annually, remittance inflows jumped by 45.3% in the first ten months of 2024, Minister of Investment and Foreign Trade Hassan El-Khatib revealed last week, reaching $23.7 billion, up from $16.3 billion during the same period in 2023.
In its report today, the ministry stated that spending on wages and employee compensation rose by 22.4%, reaching EGP 197.1 billion over four months, compared to EGP 160.9 billion in the same period of the previous fiscal year.
