The Egyptian government’s FY 2023/24 development plan has achieved a 98.5% implementation rate, with total planned investments approximating EGP 1,650 billion. Minister Rania Al-Mashat highlighted improvements in several economic sectors and a projected growth rate of 4% for the current fiscal year. The report also notes increased private-sector investments, reflecting a strategic shift towards private-led economic development amidst ongoing public investment management efforts.
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, has presented a highly optimistic review of the Fiscal Year (FY) 2023/24 development plan during a meeting with the Economic Committee of the House of Representatives. The reported implementation rate of the targeted plan is approximately 98.5%, with investments estimated at EGP 1,650 billion. This highlights Egypt’s substantial progress within its developmental objectives.
During the committee meeting, led by MP Mohamed Suleiman, Al-Mashat noted that total investments for the FY 2023/24 plan reached around EGP 1,626 billion, reflecting a growth rate of 5.8% in comparison to the previous fiscal year. Despite enduring challenges to the Egyptian economy, several sectors have shown marked improvements, particularly in economic growth during the first quarter, driven by non-oil manufacturing, tourism, transportation, and storage sectors.
The Minister projects a 4% growth for the Egyptian economy in this fiscal year. She elaborated on the government’s commitment to managing public investments effectively, aiming to bolster macroeconomic stability and maintain fiscal discipline amidst prevailing inflation. These strategies have led to an uptick in private-sector investments during the first quarter of FY 2023/24.
Al-Mashat emphasized the ongoing discussions with ministries regarding the objectives of the FY 2025/26 development plan, aligning with Egypt’s Vision 2030 Framework. She reported approximately EGP 926 billion implemented in public investments—showing a growth rate of 6.3% from last year, representing 88% of the target set at EGP 1,050 billion.
A notable shift occurred as the proportion of public investments fell to about 57% of total investments, compared to an anticipated 64%, in alignment with the initiative to encourage private-sector economic growth. Private sector investments surged to EGP 700 billion, surpassing the initial target of EGP 600 billion by 116%, thereby increasing their share of total investments to approximately 43%.
Investments designated for infrastructure reached EGP 180.6 billion or 57.9% of total public investments, which is fewer than the targeted 66.3%. Additionally, a significant portion was allocated to human development sectors, amounting to 42.4% of public investments, reinforcing the state’s commitment to these essential sectors as mandated by constitutional requirements.
Investment in local development totaled approximately EGP 23.2 billion, exceeding the target by reaching 7.5% of total public investments. Notably, Upper Egypt governorates received a substantial 35% of these local development investments, up from 21.4% in the prior year, signaling a strategic focus on regional development.
The FY 2023/24 development plan of Egypt showcases an impressive implementation rate of nearly 98.5%, reflecting significant investment growth across various sectors despite economic challenges. The shift towards private-sector dominance in investments is also evident, with notable achievements in infrastructure and human development. The government’s strategic focus on aligning these efforts with Egypt’s Vision 2030 indicates a robust commitment to future economic sustainability and growth across the nation.
Original Source: www.dailynewsegypt.com
