Egypt to Raise Food Subsidies Spending by 20% in FY 2023/24 Draft Budget

A vendor sells dates and dried fruits at a market in Cairo's central Sayyida Zeinab district on March 12, 2023, ahead of the holy Muslim month of Ramadan. (AFP)

Egypt expects to raise its allocation for food subsidies by 20% and for petroleum products by 24% in the 2023-24 fiscal year, according to a draft budget approved by the cabinet on Wednesday.

The budget forecasts GDP growth at 4.1% and inflation at an average rate of 16% during the next fiscal year, which starts in July, according to a cabinet statement.