{"id":544684,"date":"2022-03-16T04:00:15","date_gmt":"2022-03-16T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/finmin-sees-budget-deficit-widening-amid-commodities-price-shock\/"},"modified":"2022-03-16T04:00:15","modified_gmt":"2022-03-16T04:00:15","slug":"finmin-sees-budget-deficit-widening-amid-commodities-price-shock","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/finmin-sees-budget-deficit-widening-amid-commodities-price-shock\/","title":{"rendered":"FinMin sees budget deficit widening amid commodities price shock"},"content":{"rendered":"

<\/a> The Madbouly government sees the FY 2021-2022 budget deficit target <\/strong>widening to 6.9%<\/strong> from 6.7%<\/a>, Vice Minister of Finance Ahmed Kouchouk told Al Arabiya<\/a>. This comes as war-related global price surges putting a strain on the state budget. The ministry expects to have to find an extra EGP 15 bn<\/a> to cover the higher costs of importing wheat.<\/p>\n

Softer targets <\/strong>were flagged<\/a><\/strong> by Finance Minister Mohamed Maait last week<\/strong>, casting doubt on the government\u2019s ability to keep to the 6.7% target in light of higher commodity prices and the loss of Russian and Ukrainian tourists. The ministry is also revisiting its spending and fiscal targets for FY 2022-2023, he said. The updated draft budget is due to be presented to the House of Representatives on 31 March.<\/p>\n

It\u2019s looking more and more as if the Central Bank of Egypt may be prompted to raise interest rates:<\/strong> EFG Hermes\u2019s Mohamed Abu Basha has become the latest analyst<\/a> to forecast a rate hike when the central bank meets later this month, telling Al Arabiya that policymakers could raise rates by 100 bps to help tamp down rising inflation. A rate hike would also support portfolio flows as inflation eats into the country\u2019s real rate, which is among the highest in the world.<\/p>\n

Higher interest rates = higher debt burden: <\/strong>The government is considering offering more short-term treasury bills to reduce the cost of a rate hike, Kouchouk told the broadcaster. Treasuries are typically perceived by investors as being lower risk than long-term bonds and carry lower interest rates as a result.<\/p>\n

What does that mean for the debt diversification strategy?<\/strong> The ministry has been working to lengthen the average maturity of its debts by issuing fewer treasury bills and more long-term bonds. It\u2019s aiming to extend the average tenor of its debt<\/a> to five years, up from 3.4 years currently.<\/p>\n

Our samurai bonds are on the chopping block (for now): <\/strong>Egypt\u2019s first samurai bond issuance will likely be delayed due to the deterioration of market conditions, Kouchouk said. The Finance Ministry had aimed to sell around USD 500 mn of JPY-denominated bonds<\/a> in Japan by the end of June as part of its debt diversification strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Madbouly government sees the FY 2021-2022 budget deficit target widening to 6.9% from 6.7%, Vice Minister of Finance Ahmed Kouchouk told Al Arabiya. This comes as war-related global price surges putting a strain on the state budget. The ministry expects to have to find an extra EGP 15 bn to cover the higher costs […]<\/p>\n","protected":false},"author":1,"featured_media":544685,"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":[782,864,7106,104,72,276,349,411],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ahmed-kouchouk","tag-budget-deficit","tag-debt","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-interest-rates","tag-judiciary","wpautop","entry"],"acf":{"mongo_id":"f5dcf6d3-746d-4f31-8660-5ea355a52108","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/201.jpg","photo_position":"above","related_issue":[544680],"teaser":"","voice_url":""},"yoast_head":"\nFinMin sees budget deficit widening amid commodities price shock - 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\/16\/finmin-sees-budget-deficit-widening-amid-commodities-price-shock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin sees budget deficit widening amid commodities price shock\" \/>\n<meta property=\"og:description\" content=\"The Madbouly government sees the FY 2021-2022 budget deficit target widening to 6.9% from 6.7%, Vice Minister of Finance Ahmed Kouchouk told Al Arabiya. This comes as war-related global price surges putting a strain on the state budget. 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Kouchouk, Nasr","author":"enterpriseam admin","date":"11 June 2017","format":false,"excerpt":"Foreign investment in Egypt\u2019s debt market climbed to USD 8.4 bn since the EGP float, Vice Minister of Finance Ahmed Kouchouk tells Reuters. Foreigners had bought EGP 145.5 bn worth of treasuries on 6 June, according to the Finance Ministry\u2019s head of public debt Sami Khallaf, the newswire adds. This\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":692839,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/","url_meta":{"origin":544684,"position":2},"title":"Egypt\u2019s Finance Minister promises no new taxes in wartime budget","author":"enterpriseam admin","date":"14 April 2026","format":false,"excerpt":"The FinMin looks to add 100k new taxpayers via incentive-driven reform","rel":"","context":"In "The Big Story Today"","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/790.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567376,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/egypt-to-beat-debt-to-gdp-target-this-year-maait\/","url_meta":{"origin":544684,"position":3},"title":"Egypt to beat debt-to-GDP target this year -Maait","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"Egypt to beat debt-to-GDP target this year + all you need to know about FinMin\u2019s epic presser: The Finance Ministry expects to reduce its debt-to-GDP ratio to 83% by the end of the current fiscal year, easily beating the 89% target included in the FY 2019-2020 budget, Finance Minister Mohamed\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\/1\/658.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621736,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/","url_meta":{"origin":544684,"position":4},"title":"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"The Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year, up from a projected 5.*% this fiscal year. That\u2019s perhaps the most interesting take away from the ministry\u2019s 2019-20 budget guidelines (pdf). The ministry sees GDP growth accelerating to 6.9% in 2020-21 and\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":544714,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/imf-program-rate-hikes-in-the-cards-as-ukraine-war-pressures-budget-fitch\/","url_meta":{"origin":544684,"position":5},"title":"IMF program + rate hikes in the cards as Ukraine war pressures budget -Fitch","author":"enterpriseam admin","date":"17 March 2022","format":false,"excerpt":"Fitch sees new IMF program, rate hike as Ukraine conflict raises pressure on gov\u2019t finances: Lower tourism inflows, higher food prices and tighter financial conditions driven by the war in Ukraine will put pressure on Egypt\u2019s fiscal position, increasing the likelihood of Egypt taking on new funding from the International\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\/221.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\/544684","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=544684"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544684\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544685"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544684"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544684"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}