Provisional figures for Egypt’s 2023-24 financial year (to 30 June) given by new finance minister Ahmed Kouchouk on 17 July were substantially better than the provisional stats announced in April alongside the country’s draft 2024-25 budget (MEES, 10 May). The influx of $35bn from the UAE under the Ras el-Hekma investment megadeal (MEES, 17 May) has made the key difference, though only a small portion of this went on budget support – the bulk went to bolster Egypt’s forex reserves which ended 2023-24 at a record $46.4bn (see chart 1).