Egypt to hold community dialogue on FY 2023/24 budget draft to identify priorities

Egypt will put Financial Year 2023-2024 budget draft to a community dialogue expected to be convened within the next few weeks in view of enhancing community participation in determining public spending priorities, Finance Minister Mohamed Maait announced Monday.

“A community dialogue on the new budget will be launched in the next few weeks, in order to determine public spending priorities, in light of exceptional circumstances witnessed by the global economy, and to impose very difficult pressure on the budgets of countries including Egypt,” Maait’s department said in a statement.

The process, the minister insisted, aims to ensure equitable distribution of budgetary credits in a considerable manner to respond to growth and development requirements for all regions and segments of society, focusing on development priorities, expansion of the social protection network, and addressing the impacts of international and local economic challenges; contributing to mitigate the impacts of global inflation on citizens as much as possible.

The dialogue will include six sessions with representatives of the Union of Chambers of Commerce, the Union of Industries, the Export Councils, the Union of Investors, the Business Associations, the Youth of Entrepreneurs, Joint Business Councils, the Senators, Women, and the People of Inspirations, as well as university youth, journalism and media icons, economic experts, university professors and research centers. The Arab country submitted the current FY 2022/2023 budget draft for a community dialogue for the first time in January 2022.

Egypt’s economy has been hurt by the brunt of the COVID-19 and Ukraine-Russia war.