Egypt targets 4.1% GDP next FY: Minister of Planning

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, said that the economic and social development plan for the fiscal year 2024/23 (FY 23/3) mainly aims at investing in people.

 

 

 

El-Said explained that the plan aims to achieve human development, which is the main engine of economic and social growth. 

The human being is the most significant factor in the development, according to El-Said.

 

 

 

This came after the Cabinet’s approval, during its weekly meeting on Wednesday, headed by H.E. Dr. Mostafa Madbouly, Egypt’s Prime Minister.

 

The Cabinet’s meeting discussed the economic and social development plan for the fiscal year 2023/2024, presented by Dr. Hala El-Said.

 

 

 

The Minister of Planning and Economic Development said that the target economic growth rate in the next fiscal year will reach 4.1%, stressing that the plan continues to utilize evidence-based development planning in the future.

 

The development plan is based on international and local reports, data, and indicators, according to El-Said.

 

El-Said noted that the plan’s determinants include focusing on completion projects whose implementation rates exceed 70%, taking into account the management of the investments required for the investments expected to be completed, and exiting from financing some projects while allowing the participation of the private sector in light of the State ownership policy document.

The plan's determinants also include enhancing the role of public investment in social protection (a decent life), considering development gaps in distributing investments locally, and considering the impact of population increase on development needs, especially in the education and health sectors.

 

 

Dr. Hala El-Said added that the education and health sectors have priority in the plan for the next fiscal year, as the education sector witnesses 1051 projects, while the health sector witnesses 627 projects.

 

El-Said indicated that the investment directions of the plan also focus on priority sectors in the structural economic and social reform program, represented in the sectors of agriculture, industry, and communications, giving priority to digital transformation projects, green projects, and continuing efforts to green the investment plan after COP27.

 

 

 

El-Said explained that the main features of the planned projects for the Ministry of Education include reducing classroom density by establishing, replacing, and renovating 14,000 classrooms and raising the efficiency of the information infrastructure for schools by providing 700,000 tablets and 1,000 smart screens, with the application of walls in 756 schools.

 

 

 

 

As part of the project, 39 schools, including 31 Japanese schools, 3 public international schools, and 5 outstanding schools, will be developed, increasing the competitiveness of education outcomes.

 

 

 

 

El-Said pointed out that the plan’s projects in university education for the Ministry of Higher Education and Scientific Research include completing the equipping of 16 private universities and supporting research centers and projects.

Moreover, the plan includes equipping 10 technological universities in the governorates.

 

 

 

El-Said also referred to the basic features of the Ministry of Health plan projects. These include developing 68 therapeutic care hospitals, 29 mental health secretariat hospitals, 38 specialized medical centers secretariat hospitals, and developing an ambulance facility.

 

 

 

Concerning enhancing the role of public investment in implementing structural reforms for promising sectors, the Minister of Planning stated that the plan aims to improve Egypt's ranking in the food security index as well as in the strong infrastructure index for farmers.

 

 

Egypt ranked fourth on the strong infrastructure index for farmers in 2022, according to El-Said. This was a result of the state's investments to increase grain silos storage capacity and develop the irrigation network.

 

 

 

She explained that in the telecommunications sector, Egypt has advanced in international competitiveness indicators (network readiness index and artificial intelligence).

 

 

El-Said also confirmed Egypt's progress in the infrastructure index, where it advanced 48 places, the quality of roads index, where it advanced 94 places, and the quality of electrical supply index, where it advanced 44 places.

 

 

On strengthening the role of public investment in social protection, Dr. Hala El-Said referred to the national project for the development of the Egyptian countryside as "Decent Life".

 

 

 

 

The most important targets of the first phase of the project during 2024/23 include 167 sewage treatment plants, electricity provision in 1466 villages, 323 drinking water purification plants, 24 central hospitals, 1102 health units, 367 ambulance units, 332 government complexes, and 324 solidarity facilities.

 

El-Said pointed out that the second phase of "Decent Life" targets 52 centers and 1,600 villages, benefitting 21 million people.