{"id":546226,"date":"2022-05-09T04:00:21","date_gmt":"2022-05-09T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/"},"modified":"2022-05-09T04:00:21","modified_gmt":"2022-05-09T04:00:21","slug":"oil-wheat-spend-to-rise-fy-2022-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/","title":{"rendered":"Oil + wheat spend to rise FY 2022-2023"},"content":{"rendered":"

<\/a> The Financ<\/strong>e Ministry will set oil prices at USD 80 a barrel in the FY 2022-2023 budget<\/strong>, according to a document seen by Bloomberg Asharq<\/a>, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk<\/a> last month.<\/p>\n

This is significantly higher than last year \u2014 but below some analysts\u2019 expectations:<\/strong> The current FY 2021-2022 budget had assumed an average Brent crude price of USD 60 but we\u2019re currently paying almost double that thanks to the supply squeeze brought on by war in Ukraine. Brent is now trading at more than USD 112, up 45% from the start of the year, and some analysts are expecting<\/a> it to remain above USD 100 a barrel for the remainder of this calendar year as the spillover effects from the Ukraine conflict continue to weigh on an already tight market.<\/p>\n

We\u2019ll also be spending a lot more on fuel subsidies:<\/strong> The government is also upping its petroleum product subsidy spend by more than 50% to EGP 28 bn, up from this year\u2019s EGP 18.4 bn.<\/p>\n

The gov\u2019t is expecting the int\u2019l wheat markets to calm slightly: <\/strong>Next year\u2019s budget assumes an average price of USD 330 per ton of wheat \u2014 substantially higher than the USD 255 per ton in this year\u2019s budget, but lower than current prices after Russia\u2019s war blocked Ukrainian exports. The government in early March said<\/a> rising wheat prices would cost it an additional EGP 15 bn this fiscal year, penciling in the cost at around USD 350 per ton. US wheat futures rose back above USD 11 per bushel last week, and are up 45% since the start of the year.<\/p>\n

No plans to significantly adjust food subsidy spending:<\/strong> The government is expecting to spend some EGP 90 bn on food subsidies next fiscal year, compared with EGP 87.2 bn this fiscal year. Plans to overhaul Egypt\u2019s costly bread subsidy system have been put on hold after the price of the food staple rose sharply in March, forcing the government to step in with price caps on unsubsidized bread.<\/p>\n

Rising wheat prices are forcing Egyptian companies to get inventive<\/p>\n

Wheat alternatives gain traction among local food producers looking to cut costs: <\/strong>Egyptian pasta-maker Egyptian Swiss Group<\/a> \u2014 the maker of pasta brands Zeina and Rawaa \u2014 is \u201cexperimenting\u201d with rice, corn, and lentil flours as a substitute for wheat, as the war in Ukraine continues to drive price inflation for the grain, Bloomberg reports.<\/p>\n

\u201cThe price is the name of the game,\u201d<\/strong> Egyptian Swiss Group General Manager Ahmed El Sebaie was quoted as saying. The food manufacturer joins firms across Africa exploring local alternatives to imported wheat, which has become around 40% more expensive so far this year.<\/p>\n

State grain buyer GASC has purchased around 13% less wheat so far this year<\/strong> compared with the same point in 2021, according to Bloomberg. Egypt usually sources some 80% of its wheat imports from Russia and Ukraine, but the government has pivoted to focus on the local harvest amid the price spike.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Finance Ministry will set oil prices at USD 80 a barrel in the FY 2022-2023 budget, according to a document seen by Bloomberg Asharq, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk last month. This is significantly higher than last year […]<\/p>\n","protected":false},"author":1,"featured_media":546227,"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":[7413],"tags":[279,317,72,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-commodities","tag-enterpriseam","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"e38e4d09-78d7-4b19-811a-800ff6c28a98","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/100.jpg","photo_position":"above","related_issue":[546220],"teaser":"","voice_url":""},"yoast_head":"\nOil + wheat spend to rise FY 2022-2023 - 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\/05\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil + wheat spend to rise FY 2022-2023\" \/>\n<meta property=\"og:description\" content=\"The Finance Ministry will set oil prices at USD 80 a barrel in the FY 2022-2023 budget, according to a document seen by Bloomberg Asharq, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk last month. 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The lender expects the economy to grow at a 3.1% clip this year,\u2026","rel":"","context":"In "WAR WATCH"","block_context":{"text":"WAR WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/war-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578518,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/","url_meta":{"origin":546226,"position":1},"title":"Egypt set to hedge against rising oil prices","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, Bloomberg Asharq reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586363,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/heres-the-governments-fiscal-plan-for-fy-2023-2024\/","url_meta":{"origin":546226,"position":2},"title":"Here\u2019s the government\u2019s fiscal plan for FY 2023-2024","author":"enterpriseam admin","date":"10 May 2023","format":false,"excerpt":"Economy is \u201cfine,\u201d Maait tells MPs","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\/2023\/5\/554.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546259,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/state-presents-revised-crisis-budget-to-the-house-with-more-spending-on-food-energy-health-and-education\/","url_meta":{"origin":546226,"position":3},"title":"State presents revised crisis budget to the House with more spending on food, energy, health and education","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Draft FY 2022-2023 budget presented to the House: The budget deficit is set to widen in the coming fiscal year as increasing social spending and rising borrowing costs cause spending to outpace revenue growth, according to projections in the draft FY 2022-2023 budget released yesterday by the Finance Ministry. Finance\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\/2022\/5\/112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586283,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/finmin-says-budget-deficit-to-widen-to-8-this-year-as-it-prepares-to-unveil-spending-plans\/","url_meta":{"origin":546226,"position":4},"title":"FinMin says budget deficit to widen to 8% this year as it prepares to unveil spending plans","author":"enterpriseam admin","date":"9 May 2023","format":false,"excerpt":"Higher tax receipts to help revenues outpace spending in the coming year","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\/2023\/5\/489.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547375,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/mps-want-more-austerity\/","url_meta":{"origin":546226,"position":5},"title":"MPs want \u2026 more austerity?","author":"enterpriseam admin","date":"20 June 2022","format":false,"excerpt":"MPs aren\u2019t happy with borrowing plans in FY2022-2023 budget: The government\u2019s estimates for sovereign debt in the upcoming fiscal year\u2019s budget drew criticism from MPs during the first day of budget debate in a plenary session at the House of Representatives yesterday. Representatives from various parties voiced their concerns 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\/2020\/12\/1600-Egyptian-Parliament-BW.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\/546226","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=546226"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546226\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546227"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546226"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546226"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}