Minister of Finance Mohamed Maait on Saturday 15/06/2024 said that additional financing needs of the general state budget of the 2023-2024 FY have been secured from state’s additional resources, without seeking further loans that contribute to upping the overall budget deficit rate.

He highlighted that the successful Ras el Hekma deal has contributed to the growth of state’s revenues.

Maait, in a statement issued on Saturday, said that up to 320 billion pounds – the value of the additional credit line that has been endorsed by President Abdel Fattah El Sisi recently- have been allocated to workers’ wages, handling the repercussion of inflation and the hiking interest rate along with securing petroleum needs and subsidized commodities.

He added that 44 billion pounds of the additional credit have been designated to supporting petroleum products, subsidized commodities, treatment at state’s expenditure and social protection programs.

The minister said that 32 billion pounds will go to wages of state’s worke
rs, within the framework of government keenness on alleviating the impact of inflation caused by regional and international crises.

Source: State Information Service Egypt