The Egyptian government is expected to set the oil price at $80 per barrel for the budget of fiscal year (FY) 2022/2023, Asharq Business reported on May 8th, citing a document.

The price of imported wheat will be set at $330 per ton in the new budget, the document showed.

Egypt is planning to spend EGP 2.070 trillion in FY 2022/2023, up from EGP 1.837 trillion in FY 2021/2022.

The most Arab populous country is targeting EGP 1.517 trillion revenue in FY 2022/2023, compared to expected revenue of EGP 1.365 trillion by the end of the current FY.

Egypt is also seeking to reduce the budget deficit to 6.1% of gross domestic product (GDP) and to increase the primary surplus to 1.5%.

The debt-to-GDP ratio is estimated at 84% in FY 2022/2023, compared to 85% in the current FY.

Under the new budget, the Egyptian government is set to launch Panda Yuan-dominated bonds in China.