{"id":546048,"date":"2022-04-26T04:06:17","date_gmt":"2022-04-26T04:06:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/"},"modified":"2022-04-26T04:06:17","modified_gmt":"2022-04-26T04:06:17","slug":"imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/","title":{"rendered":"IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year"},"content":{"rendered":"

<\/a> Egypt\u2019s budget deficit is expected to narrow to 6.8% by the end of the current <\/strong>fiscal year<\/strong>, the IMF said in its latest Fiscal Monitor Report (pdf)<\/a>. This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which penciled in a 6.3% deficit<\/a>. The deficit stood at 7.3% last fiscal year.<\/p>\n

Looking ahead:<\/strong> The Fund\u2019s latest report also sees a wider deficit than was previously anticipated in the coming years. Next fiscal year\u2019s deficit is now expected to narrow to 6.1% (up 0.6 percentage points from the previously-forecast 5.5%), before widening to 7.1% in FY2023-2024. The IMF then expects the deficit to narrow gradually over the following three fiscal years to hit 5.6% in FY2026-2027.<\/p>\n

Our primary surplus is now expected to be slightly thinner<\/strong>, coming in at 1.3% of GDP in FY2021-2022, down from a previously forecast 1.7%. The IMF sees our primary surplus picking up in the next fiscal year to record 1.9% of GDP.<\/p>\n

On the upside, the IMF sees government revenues coming in higher than previously expected:<\/strong> Revenues are now forecasted to rise to 21.4% of GDP by the end of the current fiscal year in June, marking an upwards revision of 0.4 percentage points. Revenues are expected to more or less hold steady through FY 2026-2027, according to the report.<\/p>\n

State spending is also expected to be higher than earlier projections<\/strong>, with the Fund anticipating spending rising to 28.2% of GDP in FY 2021-2022. The IMF had previously expected spending to come in at 27.4% this fiscal year. The report has also revised upwards its projections for state spending for the next four fiscal years.<\/p>\n

The country\u2019s debt is going to be a bit higher than expected:<\/strong> Gross debt for FY 2021-2022 is now penciled in at 94.0%, up 4.5 percentage points from the IMF\u2019s October figures. This is slightly higher than last fiscal year\u2019s debt figure, which recorded 93.5% of GDP. However, debt is expected to fall at a faster pace each subsequent year until FY 2026-2027, when it is set to reach 80.7%.<\/p>\n

These projections come on the heels of <\/strong>the IMF expecting Egypt to buck the global trend<\/a><\/strong> of slowing economic growth<\/strong>, revising upward Egypt\u2019s GDP growth for the current fiscal year by 0.3 percentage points to 5.9% in its April World Economic Outlook report. The economy grew at a 3.3% clip in 2019-2020. A poll of economists by Reuters<\/a> last week has 2021-2022 growth rising to 5.3% this year, before tempering slightly to 5.2% in 2022-2023 and 5.0% in 2023-2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s budget deficit is expected to narrow to 6.8% by the end of the current fiscal year, the IMF said in its latest Fiscal Monitor Report (pdf). This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which penciled in a 6.3% deficit. The deficit stood at 7.3% last fiscal year. […]<\/p>\n","protected":false},"author":1,"featured_media":546049,"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":[104,72,272,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-imf","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"22132f93-9ef3-4158-9e6b-429cd74002dd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/353.jpg","photo_position":"above","related_issue":[546039],"teaser":"","voice_url":""},"yoast_head":"\nIMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year - 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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s budget deficit is expected to narrow to 6.8% by the end of the current fiscal year, the IMF said in its latest Fiscal Monitor Report (pdf). 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The IMF now sees the budget deficit narrowing 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\/2021\/10\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608087,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/budget-deficit-to-widen-to-10-7-this-fiscal-year-imf\/","url_meta":{"origin":546048,"position":1},"title":"Budget deficit to widen to 10.7% this fiscal year -IMF","author":"enterpriseam admin","date":"15 October 2023","format":false,"excerpt":"The Fund expects government spending to rise faster than previously expected while revenues will remain flat","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\/10\/704.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/","url_meta":{"origin":546048,"position":2},"title":"Egypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"IMF upgrades Egypt budget projections in latest outlook: Egypt\u2019s public finances have withstood the test of covid-19 better than previously thought, new projections released by the IMF indicate. Figures in the Fund\u2019s latest Fiscal Monitor Report (pdf) suggest that the outlook for Egypt\u2019s fiscal position has improved over the past\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\/2021\/4\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575450,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/","url_meta":{"origin":546048,"position":3},"title":"Gov\u2019t finances to see swift recovery from covid hit -IMF","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"The impact of covid-19 on the Egyptian government\u2019s finances may not be as drastic as previously feared, according to the IMF\u2019s October 2020 Fiscal Monitor Report (pdf). Though fiscal indicators have weakened slightly from the last outlook in April (pdf), the fund is now predicting a rapid recovery over the\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\/10\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543602,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/tourism-recovery-gas-exports-driving-5-5-growth-this-fiscal-year-world-bank\/","url_meta":{"origin":546048,"position":4},"title":"Tourism recovery + gas exports driving 5.5% growth this fiscal year -World Bank","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"World Bank says tourism rebound, gas exports driving strong growth in Egypt: The World Bank has laid out the drivers for its January prediction that our economy will grow5.5% in FY2021-2022, pointing to a recovery in the tourism sector and rising gas exports. \u201cA gradual return of tourists, continued growth\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\/2\/116.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":546048,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546048","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=546048"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546048\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546049"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546048"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546048"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}