Egypt's parliament greenlights additional $1.7bln FY2024/25 budget allocation
The additional allocation comes in light of the urgent economic and financial changes during the current fiscal year.
The move aims to address the impact of a weaker Egyptian pound, which has depreciated to EGP 49.65 against the US dollar.
This exchange rate is compared to the originally assumed rate of EGP 45 under the approved budget.
The extra funding also takes into account higher-than-expected interest rates, which have pushed the average cost of borrowing on government debt instruments above the planned 25%.
As a result, additional interest expenses of EGP 57.1 billion have risen.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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