{"id":544833,"date":"2022-03-23T04:00:33","date_gmt":"2022-03-23T04:00:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/"},"modified":"2022-03-23T04:00:33","modified_gmt":"2022-03-23T04:00:33","slug":"cabinet-approves-austerity-budget-trims-gdp-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/","title":{"rendered":"Cabinet approves austerity budget, trims GDP outlook"},"content":{"rendered":"

<\/a> GDP forecast downgraded as cabinet signs off on 2022-2023 budget:<\/strong> Egypt has revised downwards its GDP forecast for FY 2022-2023, according to figures in the draft budget that was approved by ministers yesterday. The government sees the economy growing at a 5.5% clip in the coming fiscal year, according to a cabinet statement<\/a>, down from the 5.7%<\/a> figure that was forecast before the Ukraine conflict shook global commodity markets and hit state finances.<\/p>\n

Prime Minister Moustafa Madbouly had <\/strong>directed<\/a><\/strong> the Finance Ministry to restructure the FY 2022-2023 budget<\/strong> to \u201creassess priorities\u201d amid rising basic commodity and oil prices on the back of the Russia-Ukraine war, an earlier readout from Cabinet had said.<\/p>\n

Translation: A combination of austerity and increased social spending.<\/strong> The revised budget will prioritize social protection programs to help support the populations most affected by fallout from Russia\u2019s war in Ukraine. But the Finance Ministry will also need to be disciplined in its spending and should enact austerity measures if necessary, Madbouly said. Each ministry will review its spending in light of current events, he added.<\/p>\n

That message was reinforced by cabinet spokesperson Nader Saad last night<\/strong>, who declared that \u201cgovernment austerity is the main headline of the budget\u201d in an interview on Al Hayah TV channel (watch, runtime 9:58<\/a>). Saad provided no further details on where spending cuts might come.<\/p>\n

None of this is surprising given the state is facing bns of EGP in extra costs<\/strong> due to rising commodity prices. The government expects to spend an additional EGP 15 bn<\/a> this fiscal year due to heightened wheat prices, while oil prices are now in the triple figures \u2014 far above the USD 65 price assumed in the state budget.<\/p>\n

The statement is light on numbers, but this is what the budget outline looks like:<\/strong><\/p>\n

It turns out that the government is still targeting a 6.1% budget deficit at the end of 2022-2023<\/strong>.<\/strong> This was the preliminary figure announced by the Finance Ministry<\/a> earlier this year, but just three days ago Minister Mohamed Maait said that the target had been revised<\/a> to 6.3%. The deficit is expected to narrow to 6.9% at the end of the current fiscal year.<\/p>\n

The primary surplus is expected to come in at 1.5%<\/strong>, down from the 2% penciled in for the medium term in the initial draft budget<\/a> and in keeping with the Finance Ministry\u2019s revisions earlier this week.<\/p>\n

The government plans to focus spending on strengthening the social safety net, education, and healthcare<\/strong>, as well as supporting manufacturers and exporters, the statement says, without providing a breakdown of spending.<\/p>\n

It\u2019s not going to be investing as much as planned:<\/strong> Public investments in 2022-2023 will rise by 15.2% from the previous year, down slightly from the previous 16.2% target, according to a separate statement<\/a>.<\/p>\n

Still no word on debt:<\/strong> Maait didn\u2019t disclose the ministry\u2019s debt-to-GDP target for the coming fiscal year. The minister said in January that public debt levels were expected to fall to below 90% of GDP in 2022-2023.<\/p>\n

This is the latest in a series of moves that remind us of March 2020.<\/strong> The government also announced<\/a> yesterday EGP 130 bn package of tax incentives and social safety measures that looked a lot like the stimulus and bailout measures introduced in March 2020<\/a> to manage the fallout from the covid-19 pandemic. Egypt also revised its budget<\/a> at the time to factor in the likely impact of the pandemic, cutting the GDP growth forecast to 5.1%.<\/p>\n

WHAT\u2019S NEXT?<\/strong> The document should make its way to the House of Representatives, where it will be discussed in committees at the same time as various ministries lobby FinMin for allocations. The final document typically goes up for a vote at the general assembly before the start of the new fiscal year. If the budget doesn\u2019t pass before 30 June, the current budget rolls forward to direct state spending until the new document is passed.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. The government sees the economy growing at a 5.5% clip in the coming fiscal year, according to a cabinet statement, down from […]<\/p>\n","protected":false},"author":1,"featured_media":544834,"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":[104,72,678,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-planning-ministry","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"69470760-13ca-4936-83f2-59c11fea41f7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/309.jpg","photo_position":"above","related_issue":[544829],"teaser":"","voice_url":""},"yoast_head":"\nCabinet approves austerity budget, trims GDP outlook - 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\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet approves austerity budget, trims GDP outlook\" \/>\n<meta property=\"og:description\" content=\"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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It now includes a combination\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544942,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/","url_meta":{"origin":544833,"position":2},"title":"Gov\u2019t downgrades FY 2021-2022 GDP forecast","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"Surprise: The economy won\u2019t grow as much as expected this year due to Russia\u2019s war in Ukraine: The government has lowered its growth outlook for FY 2021-2022 to 5.7% from 6.4% due to the economic impact of the war in Ukraine, Planning Minister Hala El Said told Bloomberg Asharq yesterday\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\/684.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548924,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egyptian-economy-grew-6-6-in-fy-2021-2022-says-planning-minister\/","url_meta":{"origin":544833,"position":3},"title":"Egyptian economy grew 6.6% in FY 2021-2022, says planning minister","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"The Egyptian economy grew at a 6.6% clip in FY 2021-2022, up from 3.3% the previous year, according to initial figures announced by Planning Minister Hala El Said during a cabinet meeting on Thursday. The state\u2019s fiscal year runs 1 July-30 June.The economy grew faster last year than gov\u2019t was\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\/8\/410.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609402,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry\/","url_meta":{"origin":544833,"position":4},"title":"Economic growth almost halves to 3.8% in 22-23 \u2013Planning Ministry","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"Egypt recorded growth of 3.8% in FY 22-23, with forecasts for FY 2023-24 at 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":544518,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/","url_meta":{"origin":544833,"position":5},"title":"Egypt reassess fiscal targets in light of war in Ukraine","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"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\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\/87.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\/544833","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=544833"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544833\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544834"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544833"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544833"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}