A busy day at the House, Senate: The House and Senate economic committees held meetings yesterday, approving the government’s FY 2023-2024 socioeconomic development plan and the Financial Regulatory Authority’s budget for the coming year.

FROM THE SENATE-

Senate committee approves development plan: The Senate’s Financial and Economic Affairs Committee approved the FY 2023-2024 socioeconomic development plan presented by Planning Minister Hala El Said.

The plan has three main objectives: “In the new socioeconomic development plan, we have three objectives: completing investment projects whose implementation rate has exceeded 70%; setting up projects that are part of the Decent Life initiative in rural Egypt, particularly in the health and education sectors; and exiting projects that will be funded by the private sector in line with the State Ownership Policy,” El Said told the committee.

Bringing in FX: Responding to questions about how the government plans to increase FX flows next year, El Said said that it is aiming to bring in USD 31 bn of remittances, raise non-oil exports to USD 32 bn, and attract USD 11 bn in fresh foreign direct investment.

Comms sector to lead growth: The sector is expected to see a 17% growth in the coming year, followed by the hospitality sector and the Suez Canal at 12%, and construction at 6%, according to El Said.

What’s next? Senators will discuss and vote on the plan in an upcoming session.

FROM THE HOUSE-

FRA budget gets the greenlight: The House Economic Committee yesterday approved the Financial Regulatory Authority’s (FRA) 2023-2024 budget of EGP 1.3 bn, as well as the EGP 50 mn budget for the Financial Services Institute.

The Emigration Ministry wants more: Emigration Minister Soha Gendy asked the Foreign Affairs Committee for an increased budget of EGP 56 mn from the current allocation of EGP 27 mn. The current allocation “will never help the ministry serve 14 mn Egyptian expats or implement its programs and projects,” she said.

Tags: