Egypt’s FY 2023/24 development plan achieved a 98.5% implementation rate, with total investments amounting to EGP 1,626 billion. The forecast for economic growth stands at 4%, driven by various sectors. Efforts to sustain macroeconomic stability and boost private-sector investments are evident, with local development funds surpassing targets significantly. Emphasis on human development remains strong in the current fiscal strategy.
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, recently reported on the implementation of the fiscal year 2023/24 development plan during a meeting with the Economic Committee of the House of Representatives. The plan, aimed at fostering economic and social growth, achieved an implementation rate of 98.5% of the targeted EGP 1,650 billion, marking a significant advancement in Egypt’s vision towards economic stability and growth.
The meeting, chaired by MP Mohamed Suleiman with the participation of committee members, highlighted the total investments made in the plan, which totaled approximately EGP 1,626 billion—a 5.8% increase from the previous fiscal year. Minister Al-Mashat noted that despite facing economic challenges, there has been substantial growth in sectors such as non-oil manufacturing, tourism, and transport, leading to expectations of an overall economic growth rate of 4% for the current fiscal year.
To promote macroeconomic stability, the government has prioritized managing public investments, achieving fiscal discipline, and combating high inflation rates. Minister Al-Mashat stated that these efforts have successfully increased private-sector investments in the first quarter of the fiscal year. “Intensive meetings with ministries [are being held] to discuss the targets of the FY 2025/26 development plan, taking into account Egypt’s Vision 2030 targets and the Government’s work program,” she mentioned.
In public investment alone, approximately EGP 926 billion were implemented, achieving a growth rate of 6.3% over the previous year. Although the public investment share relative to total investments declined to approximately 57%, the total private-sector investments increased significantly to EGP 700 billion, surpassing their initial target by 116% and reflecting a proactive approach towards private-sector development under the State Ownership Policy Document.
Approximately 57.9% of total public investments, translating to EGP 180.6 billion, were allocated to infrastructure, although this fell short of the targeted 66.3%. Minister Al-Mashat affirmed that the current year’s investments also focused on human development sectors, allocating 42.4% of public investments to these areas, consistent with constitutional directives to emphasize human development.
Moreover, local development investments reached around EGP 23.2 billion, exceeding the target set at 7.2%, with Upper Egypt governorates receiving a larger share of 35% of these investments, compared to 21.4% in the preceding year. This indicates a focused effort to enhance local developmental initiatives as a means of fostering economic progress.
In summary, Egypt’s fiscal year 2023/24 development plan reported an impressive implementation rate of 98.5%, supported by significant public and private sector investments. Minister Rania Al-Mashat indicated a strong economic growth forecast and emphasized efforts to align future development goals with national visions. The increase in private-sector investments and the commitment to human development suggest a strategic focus on sustainable and inclusive economic growth amidst prevailing economic challenges.
Original Source: www.dailynewsegypt.com
