{"id":546658,"date":"2022-05-24T03:54:45","date_gmt":"2022-05-24T03:54:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/subsidies-social-safety-net-allocations-dominate-house-budget-debate\/"},"modified":"2022-05-24T03:54:45","modified_gmt":"2022-05-24T03:54:45","slug":"subsidies-social-safety-net-allocations-dominate-house-budget-debate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/subsidies-social-safety-net-allocations-dominate-house-budget-debate\/","title":{"rendered":"Subsidies + social safety net allocations dominate House budget debate"},"content":{"rendered":"

<\/a> MPs raise flags on FY 2022-2023 budget allocations for subsidy + social safety net<\/strong> spending:<\/strong> Members of the House Planning and Budgeting Committee appear to be divided on whether the state should be upping its spend on commodity subsidies and expanding social safety programs, particularly as the Russia-Ukraine war has led to a jump in global food prices and inflationary pressures. The proposed budget, which Finance Minister Mohamed Maait presented to the House of Representatives earlier this month<\/a>, penciled in EGP 90 bn for food subsidies next fiscal year, rising slightly from EGP 86 bn allocated for the current fiscal year.<\/p>\n

\u201cThe budget\u2019s food subsidy allocation is by no means enough to contain the dramatic spike in global food prices caused by the war,\u201d<\/strong> Rep. Mostafa Salem, co-deputy chairman of the committee, said at a meeting last week.<\/p>\n

On the flipside,<\/strong> a restructured welfare system has brought down our subsidy spending needs<\/strong>, which partially explains why the subsidy bill for next fiscal year hasn\u2019t ballooned, General Authority for Supply Commodities (GASC) Chairman Ahmed Youssef Mansour told MPs. \u201cWe cut spending on ration cards by EGP 600 mn during the current fiscal year, not to mention that many subsidized bread bakeries were forced to cut costs by using natural gas instead of gasoline,\u201d he said.<\/p>\n

MPs raised eyebrows at the ministry\u2019s wheat price forecast:<\/strong> The Finance Ministry has earmarked EGP 43 bn to cover wheat purchases through the year, based on projections that imported wheat will cost USD 330 per ton on average through the year. \u201cThese allocations are by no means sufficient \u2014 local wheat procurement alone is expected to cost EGP 15 bn, and the remaining EGP 28 bn budgeted is not enough to cover the cost of imported wheat, the price of which has skyrocketed,\u201d said Yasser Omar, co-deputy chairman of the committee. Omar also pointed out that the ministry\u2019s price forecast for wheat falls far below the current global market price, which stands at USD 435 per ton.<\/p>\n

GASC thinks it\u2019s enough:<\/strong> Local and imported wheat have cost state coffers around EGP 38 bn so far during the current fiscal year, suggesting that next year\u2019s wheat budget should be sufficient, the wheat buyer\u2019s Mansour said. The government has paid on average USD 335 per ton of imported wheat so far this year, spending EGP 25 bn on 4.7 mn tons, while local wheat purchases have cost around EGP 13 bn.<\/p>\n

And the Planning Ministry insists that it has done its math:<\/strong> The budget allocation for foreign wheat purchases in the upcoming fiscal year \u201cwere revised several times to make sure they are in line with global wheat prices,\u201d said Sherine Khallaf, director of the Planning Ministry\u2019s Central Administration of Trade and Industry.<\/p>\n

REMEMBER- Budget allocations can still be changed.<\/strong> \u201cMost of the figures in the budget, particularly those related to subsidies and wheat purchases, should be considered tentative,\u201d said Mansour. \u201cThe budget was already revised because the Russia-Ukraine war made it difficult to come up with fixed figures,\u201d he said.<\/p>\n

WHAT\u2019S NEXT- Maait is expected to attend committee meetings this week<\/strong> to discuss the draft budget. The minister was originally scheduled to appear last week, but was traveling to London for the Financial Times\u2019 Moral Money Summit.<\/p>\n","protected":false},"excerpt":{"rendered":"

MPs raise flags on FY 2022-2023 budget allocations for subsidy + social safety net spending: Members of the House Planning and Budgeting Committee appear to be divided on whether the state should be upping its spend on commodity subsidies and expanding social safety programs, particularly as the Russia-Ukraine war has led to a jump in 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allocations next fiscal year: The government is in talks with the House of Representative to discuss raising allocations for commodity subsidies to at least EGP 96 bn in the FY2020-2021 budget, from EGP 89 bn in the current fiscal year, Supply Minister Ali El\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\/3\/56.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619048,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/24\/egypts-fy-2024-2025-draft-budget-delivered-to-the-house\/","url_meta":{"origin":546658,"position":1},"title":"Egypt\u2019s FY 2024-2025 draft budget delivered to the House","author":"enterpriseam admin","date":"24 April 2024","format":false,"excerpt":"Next year\u2019s draft budget is the first consolidated public government budget that includes budgets of all the state\u2019s economic bodies","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\/2024\/3\/1733.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630075,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/govt-to-cut-fuel-subsidies-increase-food-subsidies-in-fy2018-19\/","url_meta":{"origin":546658,"position":2},"title":"Gov\u2019t to cut fuel subsidies, increase food subsidies in FY2018-19","author":"enterpriseam admin","date":"11 April 2018","format":false,"excerpt":"BUDGET WATCH- More food subsidies, less spent on energy in FY2018-19: The government aims to reduce fuel subsidies by about 26% y-o-y to EGP 89.08 bn in FY2018-19, according to a government document referenced by Reuters. The budget also reduces electricity subsidies by almost half to EGP 16 bn from\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":547447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/","url_meta":{"origin":546658,"position":3},"title":"No more grandstanding. And right in the nick of time.","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"MPs give the green light to FY 2022-2023 budget: The House of Representatives approved in a plenary session yesterday the state\u2019s budget for the upcoming fiscal year that begins in July. The final spending plan passed yesterday is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala\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\/6\/269.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648042,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/25\/parliament-questions-math-on-fuel-subsidies-allocations\/","url_meta":{"origin":546658,"position":4},"title":"Parliament questions math on fuel subsidies allocations","author":"enterpriseam admin","date":"25 May 2017","format":false,"excerpt":"The House of Representatives\u2019 Budget Committee seems to think that the EGP 110 bn the state earmarked for fuel subsidies in the FY2017-18 budget is too high considering the announced rate of fuel subsidy cuts, Al Mal says. MPs on Wednesday asked Finance Minister Amr El Garhy to provide them\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584387,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/cabinet-approves-fy-2023-2024-budget\/","url_meta":{"origin":546658,"position":5},"title":"Cabinet approves FY 2023-2024 budget","author":"enterpriseam admin","date":"30 March 2023","format":false,"excerpt":"The Finance Ministry has trimmed next year\u2019s growth outlook to 4.1%","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\/3\/678.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\/546658","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=546658"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546658\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546659"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546658"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546658"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}