{"id":542862,"date":"2022-01-20T03:59:21","date_gmt":"2022-01-20T03:59:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/"},"modified":"2022-01-20T03:59:21","modified_gmt":"2022-01-20T03:59:21","slug":"primary-surplus-falls-y-o-y-in-1h2021-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/","title":{"rendered":"Primary surplus falls y-o-y in 1H2021-2022"},"content":{"rendered":"

<\/a> Egypt generated a <\/strong>EGP 3.2 bn<\/strong> primary surplus in 1H2021-2022,<\/strong> Finance Minister Mohamed Maait said<\/a> during the weekly cabinet meeting yesterday. The surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said.<\/p>\n

The surplus is down on an annual basis, but it\u2019s still a surplus: <\/strong>The surplus is down 77%<\/a> on the same period last fiscal year, but marks a positive shift from where we stood in the first quarter of the fiscal year<\/a>, when the primary balance fell into a slight deficit, while the overall deficit widened.<\/p>\n

Is the surplus on track with expectations?<\/strong> The Finance Ministry expects the primary surplus to increase to 1.5% of GDP<\/a> this fiscal year, from 0.9% in FY 2020-2021. We won\u2019t know how we fared in 1H2021-2022 in relation to that forecast until GDP figures are released for the second quarter. GDP growth hit 9.8% in the first quarter of FY2021-2022, and is expected to record 6-7% in the second quarter, Planning Minister Hala El Said has said<\/a>.<\/p>\n

The budget deficit won\u2019t shrink as much as previously hoped: <\/strong>The budget deficit is now expected to stand at 6.9% by the end of FY2021-2022, after the ministry revised upwards its prior forecast of 6.7%<\/a> on the basis of the first-half data. The deficit narrowed from 8.0% to 7.4% last fiscal year, and is targeted to fall to 6.1% in FY 2022-2023.<\/p>\n

Public investment increased 12% y-o-y to EGP 82 bn in<\/strong> 1H2021-2022<\/strong>, with the biggest increases to spending on premiums paid to pension funds (up 77%), health (up 30.4%), and education (up 21.1%). Spending on state pensions and the Takaful and Karama programs was up 10.7%, while spending on salaries also increased by 10.4% as the new EGP 2.4k public sector minimum wage came into effect. The pandemic also saw spending on meds triple to hit EGP 9.2 bn.<\/p>\n

Silence on debt repayments:<\/strong> Maait didn\u2019t disclose how much the government spent on servicing its debts, which is the single-biggest cost to the public purse. Official figures (pdf)<\/a> show that interest payments alone accounted for 41% of all expenditure during 1Q 2021-2022. The ministry expects to spend EGP 579.6 bn on interest during the course of the year, amounting to almost a third of total expenditure.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt generated a EGP 3.2 bn primary surplus in 1H2021-2022, Finance Minister Mohamed Maait said during the weekly cabinet meeting yesterday. The surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said. The surplus is down on an annual basis, but it\u2019s still a surplus: The surplus […]<\/p>\n","protected":false},"author":1,"featured_media":542863,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[279,104,72,276,348,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-gdp","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"e7917560-43b4-4dd1-984a-209a64b16608","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/248.jpg","photo_position":"above","related_issue":[542853],"teaser":"","voice_url":""},"yoast_head":"\nPrimary surplus falls y-o-y in 1H2021-2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Primary surplus falls y-o-y in 1H2021-2022\" \/>\n<meta property=\"og:description\" content=\"Egypt generated a EGP 3.2 bn primary surplus in 1H2021-2022, Finance Minister Mohamed Maait said during the weekly cabinet meeting yesterday. The surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said. The surplus is down on an annual basis, but it\u2019s still a surplus: The surplus […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-20T03:59:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/248.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Primary surplus falls y-o-y in 1H2021-2022\",\"datePublished\":\"2022-01-20T03:59:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\"},\"wordCount\":374,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/248.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budget watch\",\"economy\",\"EnterpriseAM\",\"Finance Ministry\",\"GDP\",\"Mohamed Maait\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\",\"name\":\"Primary surplus falls y-o-y in 1H2021-2022 - 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The figures continue a trend seen in the first quarter of the fiscal year, when the deficit widened y-o-y from 2.7% to 3.1%\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/322.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563837,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/egypt-beats-budget-deficit-primary-surplus-targets-in-2020-21\/","url_meta":{"origin":542862,"position":1},"title":"Egypt beats budget deficit, primary surplus targets in 2020-21","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"Egypt\u2019s primary surplus, budget deficit beat expectations in 2020-2021: Egypt recorded a primary surplus of 1.4% of GDP, or around EGP 93.1 bn, during FY2020-2021, Ittihadiya said in a statement yesterday.This is comfortably higher than the 0.9% targeted by the government and better than the IMF\u2019s expectations for a 1%\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590005,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/finmin-wants-to-raise-usd-3-bn-in-debt-by-the-end-of-2023-plus-quick-economic-update-from-maait\/","url_meta":{"origin":542862,"position":2},"title":"FinMin wants to raise USD 3 bn in debt by the end of 2023. PLUS: Quick economic update from Maait","author":"enterpriseam admin","date":"12 July 2023","format":false,"excerpt":"Egypt has only tapped the int\u2019l debt markets once since March 2022","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/447.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/egypts-primary-surplus-at-egp-5-2-bn-in-4m2020-2021-maait\/","url_meta":{"origin":542862,"position":3},"title":"Egypt\u2019s primary surplus at EGP 5.2 bn in 4M2020-2021: Maait","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Egypt recorded a primary surplus of EGP 5.2 bn in 4M2020-2021, down from EGP 14.7 bn, Finance Minister Mohamed Maait said yesterday, according to a Cabinet statement. This is a touch lower than the EGP 5.5 bn surplus Maait cited in an interview with Al Arabiya last month. Maait had\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621999,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-is-on-track-to-record-a-2-primary-budget-surplus-in-fy2018-19-says-maait\/","url_meta":{"origin":542862,"position":4},"title":"Egypt is on track to record a 2% primary budget surplus in FY2018-19, says Maait","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"Egypt is on track to record a 2% primary budget surplus in FY2018-19 as state revenues rose more than 35% y-o-y during the first quarter of the fiscal year, outpacing nearly 29% growth in state expenditures in the same period, Finance Minister Mohamed Maait said in a statement (pdf). Tax\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571283,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/budget-deficit-could-widen-to-7-8-due-to-covid-19-maait\/","url_meta":{"origin":542862,"position":5},"title":"Budget deficit could widen to 7.8% due to covid-19 -Maait","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"Budget deficit could widen to 7.8% due to covid-19 -Maait: Egypt\u2019s budget deficit could widen to 7.8% of GDP in FY2020-2021 if the covid-19 pandemic continues until the end of the year, Finance Minister Mohamed Maait warned yesterday. The government currently expects to narrow the deficit to 6.3% in FY2020-2021.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/48.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542862"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542862\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542853"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542863"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542862"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542862"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}