Egypt’s parliament engaged in a heated debate on Wednesday over discrepancies between the fiscal year (FY) 2024/25 budget presented to lawmakers and figures published by the International Monetary Fund (IMF).
MP Abdel Moneim Imam, Secretary-General of the Planning and Budget Committee, accused the government of submitting a budget that differed significantly from the version published on the IMF’s website in April.
“The total expenditures of EGP 3trn stated in the budget presented to us differ from the EGP 4trn stated by the IMF,” Imam said. He further highlighted disparities in figures for salaries and deficit projections.
Finance Minister Mohamed Maait defended the budget and the government’s commitment to transparency. He stated that the Egyptian economy has shown significant development since 2016, and the budget reflects this progress.
“The revenues of the new budget for FY 2024/25 amounted to EGP 2.652 trillion, while expenditures reached EGP 3.87trn,” Maait explained. He also highlighted a primary surplus of 3.5% of GDP, amounting to EGP 563bn.
Maait rejected Imam’s accusations and requested the removal of the term “trial” from the parliamentary record. “We adhere to the constitution and the law,” he asserted.
Regarding the IMF’s figures, Maait said, “The IMF writes what it wants to write, and it does its calculations as it pleases.” He indicated that there might be disagreements in calculating inflation and interest rates, and asserted that the government’s numbers are more accurate.
Responding to questions from MPs, Maait provided details on the performance of economic bodies and budget allocations for various sectors. He confirmed an increase in allocations for health, education, and scientific research, exceeding the stipulated constitutional percentages.
Imam remained unconvinced, insisting that the discrepancies between the two budget versions warranted further scrutiny. However, Maait reiterated the government’s full commitment to the budget approved by parliament.
