Source: Cabinet Facebook Press Release
The Cabinet, in its meeting today chaired by Dr. Mostafa Madbouly, approved the economic and social development plan for the fiscal year 2024-2025.
Dr. Hala El Said, the Minister of Planning and Economic Development, has outlined the key pillars of Egypt's economic and social development plan for the upcoming fiscal year. These pillars encompass constitutional entitlements, Egypt's Vision 2030, the National Program for Structural Reforms, the General Planning Law for the State, the National Strategy for Human Rights, and the State's Ownership Policy Document.
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Picture Source: Cabinet Facebook page
Dr. Hala El Said presented the overall key targets for the 2024-2025 plan, noting that the International Monetary Fund (IMF) estimates Egypt's economic growth rate for the fiscal year 2024-2025 at around 4.7%. This places Egypt in an advanced position globally in terms of economic growth. Meanwhile, the economic and social development plan projects a growth rate of 4.2% for the next fiscal year.
The minister explained that, according to the plan, it is expected that four sectors will contribute around 51% of the Gross Domestic Product (GDP), representing key productive activities (agricultural, industrial, and real estate) alongside relevant commercial activities.
Regarding the total investment component in the economic and social development plan for the next fiscal year (2024-2025), Dr. Hala El Said clarified that the plan includes an increase in the share of private investments, reaching approximately 50% of the total investments. This aligns with the State's Ownership Policy Document and the direction to enhance private sector participation in development efforts.
Regarding government investments, the proportional distribution includes allocations of 42.4% for investment in human development, 25.4% for drinking water and sanitation projects, 8.4% for construction projects, 7.1% for transportation and storage projects, 3.8% for energy projects, 3.6% for communications and information technology projects, 3.1% for agriculture projects, and 6.1% for other government investments. The plan also includes funding for the second phase of the presidential initiative "Decent Life.- Haya Karima"
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