{"id":546228,"date":"2022-05-09T04:00:21","date_gmt":"2022-05-09T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/govt-eyes-84-debt-to-gdp-ratio-in-fy-2022-23\/"},"modified":"2022-05-09T04:00:21","modified_gmt":"2022-05-09T04:00:21","slug":"govt-eyes-84-debt-to-gdp-ratio-in-fy-2022-23","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/govt-eyes-84-debt-to-gdp-ratio-in-fy-2022-23\/","title":{"rendered":"Gov\u2019t eyes 84% debt-to-GDP ratio in FY 2022-23"},"content":{"rendered":"

<\/a> The Madbouly government wants to bring Egypt\u2019s debt-to-GDP ratio down to 84% <\/strong>i<\/strong>n FY 2022-2023<\/strong>, according to a document seen by Bloomberg Asharq<\/a>. This is the first time the debt target for next fiscal year has been revised since the Finance Ministry in January said it hoped to bring the public debt down to below 90% of GDP<\/a>. Egypt\u2019s debt-to-GDP ratio is expected to come in at around 85%<\/a> this year.<\/p>\n

Revenue forecasts have also been revised upwards: <\/strong>The state is now expecting to bring in EGP 1.52 tn in FY 2022-2023, up from a previously expected EGP 1.45 tn<\/a> \u2014 and more than 10% above projected revenues for the current fiscal year.<\/p>\n

This ties in with state plans to bring down the debt:<\/strong> In a speech before the Eid break, President Abdel Fattah El Sisi said his administration would announce a plan to reduce public debt and the budget deficit over the next four years, without specifying when to expect the announcement.<\/p>\n

OTHER KEY FIGURES- <\/strong>The government is still targeting<\/a> a 6.1% budget deficit next year, down from a projected 6.2% by the end of this fiscal year, and a primary surplus of 1.5%, up from an expected 1.3% by the end of this fiscal year, Bloomberg Asharq reports. Government spending is also still set to rise 12% next year to reach EGP 2.07 tn<\/a>. Growth for next year is penciled in at 5.5% of GDP.<\/p>\n

FinMin releases fresh 2021-2022 figures<\/p>\n

A primary surplus in 9M 2021-2022:<\/strong> Fresh fiscal data released by the Finance Ministry has shown that Egypt generated a 0.4% primary surplus in the first nine months of the fiscal year, remaining more or less unchanged from the same period last year. Egypt hopes to achieve a 1.3% surplus<\/a> by the end of the fiscal year in June, down slightly from its original 1.5% target<\/a> in the state budget.<\/p>\n

Deficit narrows:<\/strong> The budget deficit narrowed to 4.9% of GDP<\/a> during the nine-month period, from 5.4% in 9M 2020-2021. The government is forecasting the deficit to fall to 6.2% of GDP by the end of the current fiscal year from 7.4% last year.<\/p>\n

Revenues + spending rise:<\/strong> Revenues rose almost 8% during the July-March period from the year before thanks to a 13% increase in tax receipts. This was outpaced by a growth in spending, which rose almost 10% thanks to the government\u2019s higher wage bill, a rise in debt servicing costs and increased spend on goods and services.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Madbouly government wants to bring Egypt\u2019s debt-to-GDP ratio down to 84% in FY 2022-2023, according to a document seen by Bloomberg Asharq. This is the first time the debt target for next fiscal year has been revised since the Finance Ministry in January said it hoped to bring the public debt down to below […]<\/p>\n","protected":false},"author":1,"featured_media":546229,"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":[864,279,7106,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-deficit","tag-budget-watch","tag-debt","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"9a7cf355-691e-47ea-96ef-9dd9e247a046","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/101.jpg","photo_position":"above","related_issue":[546220],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t eyes 84% debt-to-GDP ratio in FY 2022-23 - 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\/govt-eyes-84-debt-to-gdp-ratio-in-fy-2022-23\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t eyes 84% debt-to-GDP ratio in FY 2022-23\" \/>\n<meta property=\"og:description\" content=\"The Madbouly government wants to bring Egypt\u2019s debt-to-GDP ratio down to 84% in FY 2022-2023, according to a document seen by Bloomberg Asharq. 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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":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":546228,"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":586363,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/heres-the-governments-fiscal-plan-for-fy-2023-2024\/","url_meta":{"origin":546228,"position":4},"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":592909,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/finance-ministry-eyes-6-4-growth-in-fy-2020-2021\/","url_meta":{"origin":546228,"position":5},"title":"Finance Ministry eyes 6.4% growth in FY 2020-2021","author":"enterpriseam admin","date":"12 November 2019","format":false,"excerpt":"BUDGET WATCH- FinMin says it\u2019s targeting 6.4% growth, 6.2% deficit next fiscal year: The Finance Ministry is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year, according to the ministry\u2019s preliminary budget statement announced by cabinet yesterday. Local press reports had suggested\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\/773.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\/546228","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=546228"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546228\/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\/546229"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546228"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546228"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}