Egypt to raise allocation for food subsidies by 20% in FY 2023/24 draft budget - statement

The Egyptian government said on Wednesday that it will raise allocation for food subsidies by 20 percent and for petroleum products by 24 percent in its fiscal year 2023-2024 draft budget.

A government statement added that Egypt will seek GDP growth of 4.1 percent, and an estimated average inflation rate of 16 percent in the same fiscal year.