{"id":546606,"date":"2022-05-23T04:00:57","date_gmt":"2022-05-23T04:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/maait-warns-of-global-food-crisis-says-talks-with-imf-going-very-well-ft-interview\/"},"modified":"2022-05-23T04:00:57","modified_gmt":"2022-05-23T04:00:57","slug":"maait-warns-of-global-food-crisis-says-talks-with-imf-going-very-well-ft-interview","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/maait-warns-of-global-food-crisis-says-talks-with-imf-going-very-well-ft-interview\/","title":{"rendered":"Maait warns of global food crisis, says talks with IMF going \u201cvery well\u201d \u2013FT interview"},"content":{"rendered":"

<\/a> Surging food prices on the back of the crisis in Ukraine could put \u201cmns\u201d <\/strong>at risk<\/strong> around the world, Finance Minister Mohamed Maait told the Financial Times<\/a> in an interview in London. Coming during the British Egyptian Business Association\u2019s trip to the UK last week, the minister warned of rising food insecurity \u2014 a theme the UN<\/a>, World Bank<\/a> and G7<\/a> have hit in recent days. \u201cWe will feel shame if we find that mns of people [around the world] are dying because of food insecurity. They are not responsible for that, they didn\u2019t do anything wrong,\u201d he said.<\/p>\n

No recession at home:<\/strong> Maait ruled out that Egypt would see a recession this year. \u201cThe issue of going to recession, I\u2019m ruling [it] out,\u201d he said, adding that Egypt was among the few countries to avoid recession during the pandemic. The government recently cut its 2022-2023 GDP outlook<\/a> to 4.5% from 5.5%, but few economists right now are expecting the Egyptian economy to contract due to the global crisis.<\/p>\n

REMEMBER- A recession is two (or more) quarters of economic contraction <\/strong>\u2014 NOT two or more quarters during which the economy grows, but at a slower pace than before. The latter is a slowdown in growth, not a recession.<\/p>\n

Negotiations with the IMF for a new program are going \u201cvery well,\u201d<\/strong> but neither the government or the Fund have put forward a figure, Maait said. Egypt has been in talks with the global lender of last resort for several months<\/a> to receive a new assistance program to help it mitigate the fiscal strain and balance of payments pressures caused by spillover effects from the war in Ukraine. Prime Minister Moustafa Madbouly said last week<\/a> that it could still take months before an agreement is reached, while central bank chief Tarek Amer said<\/a> Egypt would only receive a limited amount of funding due to already exceeding its quota.<\/p>\n

The government still plans to \u201crationalize\u201d bread subsidies<\/strong>, but it will do it \u201cover a gradual basis,\u201d Maait told the salmon-colored paper. \u201cSo as long as the cost of bread and the cost of producing bread increases, so the cost of subsidy on the budget increases . . . It cannot go like that,\u201d he said. The prospect of lifting brea subsidies was first put forward<\/a> last year by President Abdel Fattah El Sisi, before the war in Ukraine sent shockwaves through global food markets.<\/p>\n

The crisis means that Egypt is going to need to spend more on subsidies in FY 2022-2023<\/strong>. The state expects to spend EGP 356 bn on subsidies in total, up 11% on last year, due to rising food and energy prices, according to the draft budget<\/a>.<\/p>\n

MEANWHILE-<\/strong><\/p>\n

President Abdel Fattah El Sisi signed off a law to increase allocations in the 2021-2022 <\/strong>state budget by EGP 6 bn<\/strong> to help Egypt meet debt repayments, state-run MENA agency<\/a> reported. This comes a week after the MPs voted in favor<\/a> of the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"

Surging food prices on the back of the crisis in Ukraine could put \u201cmns\u201d at risk around the world, Finance Minister Mohamed Maait told the Financial Times in an interview in London. Coming during the British Egyptian Business Association\u2019s trip to the UK last week, the minister warned of rising food insecurity \u2014 a theme […]<\/p>\n","protected":false},"author":1,"featured_media":546607,"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":[104,72,272,182,277,1341,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-imf","tag-inflation","tag-mohamed-maait","tag-russia-ukraine-conflict","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"32679220-62ca-4112-9e93-a8c5e89410a4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/293.jpg","photo_position":"above","related_issue":[546602],"teaser":"","voice_url":""},"yoast_head":"\nMaait warns of global food crisis, says talks with IMF going \u201cvery well\u201d \u2013FT interview - 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\/23\/maait-warns-of-global-food-crisis-says-talks-with-imf-going-very-well-ft-interview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait warns of global food crisis, says talks with IMF going \u201cvery well\u201d \u2013FT interview\" \/>\n<meta property=\"og:description\" content=\"Surging food prices on the back of the crisis in Ukraine could put \u201cmns\u201d at risk around the world, Finance Minister Mohamed Maait told the Financial Times in an interview in London. 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\u2014 but the risk is very much there, says Maait: \u201cWe are not yet in a recession\u201d despite the World Bank, IMF, and others have reduced their expectations for economic growth, Finance Minister Maait said in an interview with Bloomberg TV (watch, runtime: 10:02) on\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\/6\/270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586130,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/maait-voices-optimism-on-egyptian-economy-criticizes-rating-agencies\/","url_meta":{"origin":546606,"position":1},"title":"Maait voices optimism on Egyptian economy, criticizes rating agencies","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Rating agencies demonstrate \u201cprejudice\u201d against Egypt, Maait says","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/303.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550201,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/maait-takes-to-the-airwaves-to-talk-imf\/","url_meta":{"origin":546606,"position":2},"title":"Maait takes to the airwaves to talk IMF","author":"enterpriseam admin","date":"18 October 2022","format":false,"excerpt":"Finance Minister Mohamed Maait hit the talk shows last night after a week in Washington attending the IMF \/ World Bank meetings. He joined Ala Mas\u2019ouletty (watch, runtime: 15:04) and Hadrat El Mowaten (watch, runtime: 13:31) to talk all things IMF and economy.The announcement on our assistance loan from the\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\/10\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547484,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/prioritize-fdi-exports-over-hot-money-says-maait\/","url_meta":{"origin":546606,"position":3},"title":"Prioritize FDI + exports over hot money, says Maait","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"FinMin wants to cut reliance on hot money: Egypt needs to focus less on attracting portfolio flows and more on foreign direct investment and export growth, Finance Minister Mohamed Maait said on the sidelines of the Qatar Economic Forum this week, according to Bloomberg.\u201cThe majority\u201d of portfolio flows have left\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\/6\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575551,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/19\/egypts-finance-minister-maait-talks-economy-in-imf-world-bank-meetings\/","url_meta":{"origin":546606,"position":4},"title":"Egypt\u2019s Finance Minister Maait talks economy in IMF, World Bank meetings","author":"enterpriseam admin","date":"19 October 2020","format":false,"excerpt":"INVESTMENT WATCH- FinMin pitches investment strategy, improving economic landscape to investors: Egypt is prioritizing investments in the transport, oil and gas, renewable energy, and manufacturing sectors, Finance Minister Mohamed Maait said in separate meetings with senior representatives from HSBC and Standard Chartered and unnamed foreign investors, according to a ministry\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548168,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/progress-in-imf-talks-but-we-still-have-disagreements-maait-says\/","url_meta":{"origin":546606,"position":5},"title":"Progress in IMF talks, but we still have disagreements, Maait says","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"Egypt is working to resolve differences with the IMF in talks for a fresh assistance program, Finance Minister Mohamed Maait said in a round of interviews yesterday. \u201cLike any talks, there are two different perspectives, and we agreed on some points and disagreed on other points,\u201d the minister told Al\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\/7\/301.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\/546606","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=546606"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546606\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546607"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546606"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546606"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}