{"id":544518,"date":"2022-03-08T03:37:32","date_gmt":"2022-03-08T03:37:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/"},"modified":"2022-03-08T03:37:32","modified_gmt":"2022-03-08T03:37:32","slug":"egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/","title":{"rendered":"Egypt reassess fiscal targets in light of war in Ukraine"},"content":{"rendered":"

<\/a> The government will likely have to revisit its fiscal targets for FY2022-2023 in light <\/strong>of the war in Ukraine and its implications on the global economy<\/strong>, Finance Minister Mohamed Maait said in a presser yesterday. The Finance Ministry had finished the draft 2022-2023 budget earlier this year but will now need to revise it to account for the new supply disruptions, rising commodity prices, and the drop in tourism from Russia and Ukraine, Maait said. \u201cThe war has mixed everything up,\u201d he said. \u201cGlobal markets have been hit by uncertainty because no one knows how long this will last.\"<\/p>\n

Pre-Ukraine targets:<\/strong> Initial figures<\/a> released by the ministry in January forecast 5.7% economic growth during FY 2022-2023 and saw the budget deficit narrowing to 6.1%. Debt was expected to decline to less than 90% of GDP.<\/p>\n

We could miss our deficit target this year: <\/strong>The ministry set an \u201coptimistic\u201d budget deficit target of 6.7% for 2021-2022 but now has to reckon with a higher import bill, Maait said. \u201cWe will do our best to stay within the range of 6.7%, but I can\u2019t give exact numbers due to the uncertainty and volatility of the situation,\u201d he said.<\/p>\n

Otherwise, he was tightlipped on how the conflict may affect next year\u2019s budget:<\/strong> It was unclear whether the government is planning to make adjustments to spending or to what extent it is reevaluating its fiscal targets in light of the escalating global headwinds.<\/p>\n

We\u2019ll find out on 31 March<\/strong> when the updated draft budget is presented to the House of Representatives for discussion, according to the minister.<\/p>\n

A REMINDER- Maait, Oil Minister Tarek El Molla and Supply Minister Ali El Moselhy have been leading on cabinet\u2019s effort to keep the public abreast<\/strong> of the impact here of war in Ukraine. Not terribly long ago, our response would have been to bury our head in the sand. Cabinet deserves credit for being up-front and forthright about how they\u2019re handling a crisis they neither created nor control.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government will likely have to revisit its fiscal targets for FY2022-2023 in light of the war in Ukraine and its implications on the global economy, Finance Minister Mohamed Maait said in a presser yesterday. The Finance Ministry had finished the draft 2022-2023 budget earlier this year but will now need to revise it to […]<\/p>\n","protected":false},"author":1,"featured_media":544519,"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":[279,104,72,276,277,9622],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-ukraine-war","wpautop","entry"],"acf":{"mongo_id":"731d170e-0d1f-4b23-bc64-336247c74924","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/87.jpg","photo_position":"above","related_issue":[544514],"teaser":"","voice_url":""},"yoast_head":"\nEgypt reassess fiscal targets in light of war in Ukraine - 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\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt reassess fiscal targets in light of war in Ukraine\" \/>\n<meta property=\"og:description\" content=\"The government will likely have to revisit its fiscal targets for FY2022-2023 in light of the war in Ukraine and its implications on the global economy, Finance Minister Mohamed Maait said in a presser yesterday. The Finance Ministry had finished the draft 2022-2023 budget earlier this year but will now need to revise it to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-08T03:37:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/87.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\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt reassess fiscal targets in light of war in Ukraine\",\"datePublished\":\"2022-03-08T03:37:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\"},\"wordCount\":341,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/87.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budget watch\",\"economy\",\"EnterpriseAM\",\"Finance Ministry\",\"Mohamed Maait\",\"Ukraine war\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\",\"name\":\"Egypt reassess fiscal targets in light of war in Ukraine - 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4.2%","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\/11\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544833,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/","url_meta":{"origin":544518,"position":3},"title":"Cabinet approves austerity budget, trims GDP outlook","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"GDP forecast downgraded as cabinet signs off on 2022-2023 budget: Egypt has revised downwards its GDP forecast for FY 2022-2023, according to figures in the draft budget that was approved by ministers yesterday. 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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":546897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/","url_meta":{"origin":544518,"position":5},"title":"MPs think the tax revenue targets in the budget are a bit optimistic","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"After flagging FY 2022-2023 budget allocations for subsidy + social safety net spending, MPs are zeroing in on tax receipts: MPs at the House Planning and Budgeting Committee are skeptical that the government\u2019s forecasted tax revenues for the upcoming fiscal year are attainable, suggesting in a committee meeting yesterday that\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544518","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=544518"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544518\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544519"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544518"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544518"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}