Egypt Targets 5.7% Growth in Next FY

Egypt Targets 5.7% Growth in Next FY

Egypt will target economic growth of 5.7 percent and a primary surplus of 1.5 percent of GDP in the 2022-23 financial year, the finance ministry said on Tuesday.

The country is targeting an overall budget deficit of 6.1 percent in the next financial year, which begins in July.

The finance ministry added that the government raised its local wheat procurement price for the harvest beginning April 2022 by around EGP670 per ton from the price set a year prior as global wheat prices increased.

The ministry said Egypt, which is often the world's largest importer, allocated an additional EGP12 billion for wheat purchases in 2021 as global prices increased.

Meanwhile, Egyptian Petroleum Minister Tariq El-Molla said that Egypt expects to hold a bid round for oil and gas exploration before the end of June.

The ministry had said earlier that it targets $7 billion in direct foreign investment (FDI) for its oil and gas sector.

Molla was speaking at the American Chamber of Commerce forum on Monday to prepare for COP 27 under the title 'Building Momentum to COP27 of the United Nations: Enhancing Public-Private Cooperation on the Climate Challenge.'

He pointed out that the petroleum sector is currently implementing a national strategy to confront climate change