{"id":545711,"date":"2022-04-10T04:01:30","date_gmt":"2022-04-10T04:01:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/"},"modified":"2022-04-10T04:01:30","modified_gmt":"2022-04-10T04:01:30","slug":"finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/","title":{"rendered":"FinMin narrows deficit target for this fiscal year as economy withstands global turmoil"},"content":{"rendered":"

<\/a> The Madbouly government now expects the budget deficit to contract to 6.2% this <\/strong>fiscal year<\/strong>, down from a previous 6.9% target<\/a>, 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 s<\/a>tatement<\/a>.<\/p>\n

The cushion suggests we were doing better than expected before Russia invaded Ukraine:<\/strong> Officials widened the deficit target in mid-March after the price of key commodities including wheat and oil spiraled following the outbreak of war. The new 6.2% target not only reverses that revision, but is more ambitious even than the 6.7% goal FinMin laid out in its draft budget<\/a> nearly a year ago. The news implies the government was significantly ahead of its target prior to the outbreak of war, giving it a cushion to absorb fallout from that and the commodity price acceleration that pre-dated it, but that it turbocharged.<\/p>\n

The outlook for the primary surplus is also somewhat sunnier: <\/strong>The government is now targeting a primary surplus of 1.3% in this fiscal year. That\u2019s an improvement on the 1.1-1.2%<\/a> it had predicted a month or so before Russia invaded Ukraine (though it doesn't quite meet the 1.5%<\/a> penciled in at the start of the year). We\u2019re also still planning to bring the debt-to-GDP ratio below 90% by June as outlined in the draft budget, with the aim of cutting back to 85% by 2025 (up from the 82.5%<\/a> targeted before Ukraine was invaded).<\/p>\n

What changed? Policymakers have stepped in to limit the damage.<\/strong> In a bid to stem outflows, the Central Bank of Egypt devalued the EGP<\/a> last month and raised interest rates by 100 bps. We also officially requested support<\/a> from the IMF to mitigate the impact of the war on our economy and are in talks for a fresh financial package. Recent economic reforms have also made us \u201cmore able to flexibly manage internal or external issues and absorb the largest possible amount of global shocks,\u201d Maait said.<\/p>\n

We\u2019re also getting support from the Gulf: <\/strong>Recently announced<\/a> investment and funding from Saudi Arabia, Qatar, and the UAE, totaling some USD 22 bn, is also partly to thank for the improved outlook. BNP Paribas estimated<\/a> Egypt\u2019s total funding gap in FY 2021\/2022 at around USD 17.6 bn.<\/p>\n

TBD- Next year\u2019s budget. <\/strong>Ministries and government agencies are looking at ways<\/a> to trim spending for next fiscal year, after the cabinet in March signed off on a revised FY 2022\/2023<\/a> budget in light of recent price hikes. The government is now targeting growth of 5.5%, a 6.1% budget deficit and a primary surplus of 1.5%. We\u2019ve had no word yet on revised debt-to-GDP figures \u2014 and everything could change up to and until the budget is passed by the House, typically before the end of June.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 statement. The cushion suggests we […]<\/p>\n","protected":false},"author":1,"featured_media":545712,"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":[864,104,72,276,277,1095],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-russia-ukraine-war","wpautop","entry"],"acf":{"mongo_id":"cf5f170a-c3e0-42d1-8129-7a001cbcfd69","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/176.jpg","photo_position":"above","related_issue":[545707],"teaser":"","voice_url":""},"yoast_head":"\nFinMin narrows deficit target for this fiscal year as economy withstands global turmoil - 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\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin narrows deficit target for this fiscal year as economy withstands global turmoil\" \/>\n<meta property=\"og:description\" content=\"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 statement. 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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":[]},{"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":545711,"position":1},"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":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":545711,"position":2},"title":"FinMin wants to raise USD 3 bn in debt by the end of 2023. 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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\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\/201.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":545711,"position":4},"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. The government sees the economy growing at a 5.5% clip in the coming fiscal year, according to\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\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572302,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/21\/finmin-sees-egypts-economy-growing-5-next-fiscal-year-maait-says\/","url_meta":{"origin":545711,"position":5},"title":"FinMin sees Egypt\u2019s economy growing 5% next fiscal year, Maait says","author":"enterpriseam admin","date":"21 June 2020","format":false,"excerpt":"Gov\u2019t revises its FY2020-2021 growth target upward to 5%: The Finance Ministry sees Egypt\u2019s GDP growing at a 5% clip in FY2020-2021, Minister Mohamed Maait said in a webinar hosted by the British Egyptian Business Association on Thursday. The figure is higher than the Planning Ministry\u2019s most recent projection \u2014\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\/6\/202.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\/545711","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=545711"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545711\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545712"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545711"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545711"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}