Egypt’s FY 2023/24 economic and social development plan has achieved a 98.5% implementation rate, with total investments reaching EGP 1,626 billion. The government is emphasizing private-sector growth alongside significant public investments, aligning with Egypt’s Vision 2030. Notable sectors driving growth include non-oil manufacturing and tourism, and efforts continue to promote macroeconomic stability and fiscal discipline.
Egypt’s economic and social development plan for the fiscal year 2023/24 has achieved a remarkable implementation rate of approximately 98.5%, as revealed by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat. The plan, estimated at EGP 1,650 billion, was reviewed during a meeting with the House of Representatives’ Economic Committee, chaired by MP Mohamed Suleiman. The assembly evaluated the plan’s accomplishments and aligned future targets with Egypt’s Vision 2030 and the government’s agenda.
The total investments executed under the 2023/24 plan amounted to about EGP 1,626 billion, reflecting a growth rate of 5.8% in comparison to the previous fiscal year. Minister Al-Mashat acknowledged various challenges confronting the Egyptian economy but noted improvements particularly in economic growth, driven by sectors such as non-oil manufacturing, tourism, and transport. She anticipates that the Egyptian economy will reach a growth rate of 4% during this fiscal year.
Al-Mashat emphasized the government’s initiative to enhance public investments aimed at fostering macroeconomic stability and fiscal discipline amidst high inflation. These strategies have facilitated increased private-sector investments in the current fiscal year’s first quarter. “Intensive meetings with ministries [are being held] to discuss the targets of FY 2025/26 development plan, taking into account Egypt’s Vision 2030 targets and the Government’s work program,” stated Al-Mashat.
Approximately EGP 926 billion public investments were executed with a 6.3% growth rate year-on-year, reaching an implementation rate of 88% of the targeted EGP 1,050 billion. Consequently, public investments made up about 57% of total investments, slightly lower than the targeted 64%. Al-Mashat confirmed that private-sector investments even surpassed previous expectations, totaling EGP 700 billion with a growth rate of 5.3%. This contribution represented 43% of total investments, exceeding the target of 36%.
Infrastructure investments accounted for around EGP 180.6 billion or 57.9% of total public investments, lower than the targeted 66.3%. However, allocations to human development sectors increased, comprising 42.4% of total public investments, highlighting the government’s commitment to these areas. Investments directed towards local development reached approximately EGP 23.2 billion, surpassing the target of 7.2% and benefiting Upper Egypt governorates significantly.
In summary, Egypt’s FY 2023/24 development plan has demonstrated substantial progress with a 98.5% implementation rate. The government’s commitment to enhancing both public and private investments is evident, particularly in crucial sectors such as infrastructure and human development. The positive performance amidst economic challenges underscores the effectiveness of strategic planning and execution aligned with Egypt’s long-term vision. Continued focus on private-sector engagement remains essential for sustained economic growth.
Original Source: www.dailynewsegypt.com
