MPs pass next year’s budget: The House of Representatives yesterday gave its seal of approval to the FY 2024-2025 state budget and socioeconomic development plan. The budget has been at the house for a little over a month now, where the House Budget Committee and general assembly discussed and voted on it.

Not everyone was onboard: The budget and development plan were rejected by a number of MPs affiliated with the Egyptian Social Democratic Party and the Justice Party, as well as a number of independent MPs.

Remember: Finance Minister Mohamed Maait Planning Minister Hala El Said delivered the draft budget in late April to the House. MPs have been discussing it ever since.

No new taxes: “We are not seeking to impose new taxes, but we will be trying our best to widen the scope of the tax base through developing an electronic taxation system,” Maait said, reiterating statements made last week.

An overview of the budget: The government has penciled in growth of 4.2% for the coming fiscal year, up from an estimated 2.9% in FY 2023-2024. Headline inflation is expected to drop to an average of 17.9% over the next FY, down from a projected 35.7% this FY. Meanwhile, the budget deficit is expected to increase to 7.3% of the country’s GDP, up from 7.2% this year.

ICYMI: The state budget is a bit different this time around, with the issuing of the first PublicGovernment Budget. The new budget — which does not replace the state budget — shows the budgets of all the state’s economic bodies in addition to the state budget collated together.

What’s next? The budget will now be sent to President Abdel Fattah El Sisi to ratify.

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