{"id":542938,"date":"2022-01-25T03:57:44","date_gmt":"2022-01-25T03:57:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/budget-deficit-widens-to-3-9-in-1h2021-22\/"},"modified":"2022-01-25T03:57:44","modified_gmt":"2022-01-25T03:57:44","slug":"budget-deficit-widens-to-3-9-in-1h2021-22","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/budget-deficit-widens-to-3-9-in-1h2021-22\/","title":{"rendered":"Budget deficit widens to 3.9% in 1H2021-22"},"content":{"rendered":"

Egypt\u2019s budget deficit stood at 3.9% in 1H2021-2022, widening from 3.6% in the<\/strong> first half of last fiscal year<\/strong>, Finance Minister Mohamed Maait yesterday told Bloomberg Asharq<\/a>. 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%<\/a> for the July-October 2021 period.<\/p>\n

The budget deficit is expected to stand at 6.9% by the end of FY2021-2022<\/strong>, after the ministry last week revised upwards its prior forecast<\/a> of 6.7% on the basis of first-half data. The deficit narrowed to 7.4% last fiscal year from 8.0% the year prior, and is expected to narrow again to 6.1% in FY2022-2023.<\/p>\n

Primary surplus expectations narrow: <\/strong>FinMin is now expecting the primary surplus to hit 1.1-1.2% in the current fiscal year from 0.9% a year prior, Maait said, down from the 1.5% it had penciled in last year.<\/a> Egypt generated a EGP 3.2 bn primary surplus in 1H2021-2022, the ministry announced last week. That\u2019s down 77% on the same period last fiscal year, but nevertheless an improvement from the slight primary deficit registered in the first quarter.<\/p>\n

No details on debt:<\/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 show that interest payments alone accounted for 41% of all expenditure during 1Q2021-2022. 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

\n

MEANWHILE- Samurai bonds coming in H12022: <\/strong>Egypt aims to sell around USD 500 mn of JPY-denominated bonds in Japan by the end of June, when the current fiscal year wraps, Maait also said. \u201cThe bond issuance will be in JPY, but the transfer currency can be in JPY or USD,\u201d Maait said, adding that the ministry is currently discussing the issuance with the central bank.<\/p>\n

Background:<\/strong> Maait and Japan\u2019s ambassador in Cairo discussed last week<\/a> taking the potential bond issuance to market in Japan, as part of Egypt\u2019s debt diversification strategy. The government had been mulling selling JPY-denominated bonds back in 2019<\/a>, as well as RMB-denominated Panda bonds, but Maait said in late 2020<\/a> that the planned sales were being pushed until at least FY2021-2022 because of complications caused by the pandemic. Marketing foreign bonds in Asian markets is a different ball game<\/a> and also requires new ratings assessments by Asian agencies, a senior government official told us in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s budget deficit stood at 3.9% in 1H2021-2022, widening from 3.6% in the first half of last fiscal year, Finance Minister Mohamed Maait yesterday told Bloomberg Asharq. 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% for the July-October 2021 period. […]<\/p>\n","protected":false},"author":1,"featured_media":542939,"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":[104,72,276,411,277,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-judiciary","tag-mohamed-maait","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"51628974-be35-4f80-bb1a-b37a346a766d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/322.jpg","photo_position":"above","related_issue":[542931],"teaser":"","voice_url":""},"yoast_head":"\nBudget deficit widens to 3.9% in 1H2021-22 - 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\/25\/budget-deficit-widens-to-3-9-in-1h2021-22\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget deficit widens to 3.9% in 1H2021-22\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s budget deficit stood at 3.9% in 1H2021-2022, widening from 3.6% in the first half of last fiscal year, Finance Minister Mohamed Maait yesterday told Bloomberg Asharq. 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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\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\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","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":542938,"position":1},"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":[]},{"id":545711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/","url_meta":{"origin":542938,"position":2},"title":"FinMin narrows deficit target for this fiscal year as economy withstands global turmoil","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"The Madbouly government now expects the budget deficit to contract to 6.2% this fiscal year, down from a previous 6.9% target, as the economy absorbs the initial shock of the outbreak of war in Ukraine, Finance Minister Mohamed Maait told a Bank of America delegation, according to a Finance Ministry\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\/4\/176.jpg?fit=%2C&ssl=1&resize=350%2C200","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":542938,"position":3},"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":544781,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/govt-lowers-fy-2022-2023-budget-targets-as-ukraine-conflict-strains-finances\/","url_meta":{"origin":542938,"position":4},"title":"Gov\u2019t lowers FY 2022-2023 budget targets as Ukraine conflict strains finances","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"FinMin trims budget targets as Ukraine conflict weighs on state finances: The Finance Ministry has revised downwards its fiscal targets for FY 2022-2023 as rising commodities prices put pressure on public finances, according to figures published in an Ittihadiya statement yesterday evening.Deficit still on course to narrow: The government now\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\/3\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633666,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/budget-deficit-narrows-to-egp-505-bn-in-fy-2023-24\/","url_meta":{"origin":542938,"position":5},"title":"Budget deficit narrows to EGP 505 bn in FY 2023-24","author":"enterpriseam admin","date":"18 July 2024","format":false,"excerpt":"The deficit was down 17% from the year before","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\/2024\/7\/1404.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\/542938","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=542938"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542938\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542931"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542938"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542938"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}