{"id":546728,"date":"2022-05-26T04:00:08","date_gmt":"2022-05-26T04:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/next-years-budget-remains-tentative-madbouly-tells-mps\/"},"modified":"2022-05-26T04:00:08","modified_gmt":"2022-05-26T04:00:08","slug":"next-years-budget-remains-tentative-madbouly-tells-mps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/next-years-budget-remains-tentative-madbouly-tells-mps\/","title":{"rendered":"Next year\u2019s budget remains \u201ctentative,\u201d Madbouly tells MPs"},"content":{"rendered":"

<\/a> Gov\u2019t responds to MP reservations about budget allocations:<\/strong> MPs now reviewing the draft FY 2022-2023 state budget should view the spending plan as \u201ctentative\u201d as global conditions continue to shift the goalposts, Prime Minister Moustafa Madbouly said in a meeting with the chairs of the House of Representatives\u2019 25 committees on Tuesday. The meeting \u2014 which several members of cabinet also attended \u2014 came after MPs raised eyebrows last week<\/a> at earmarks for food subsidies and the social safety net in particular, with some arguing they should be expanded.<\/p>\n

This is already a revised budget:<\/strong> \u201cBy mid-February, we had already prepared a budget that we were ready to present to President Abdel Fattah El Sisi, but we were forced to revise it after war broke out in Ukraine on 24 February,\u201d Madbouly said. \u201cIt\u2019s already the case that the current budget is completely different from the original pre-war draft.\u201d Madbouly had directed the Finance Ministry in March<\/a> to rethink the budget to \u201creassess priorities,\u201d particularly as key commodity prices were soaring globally on the back of the war.<\/p>\n

The revised budget focuses primarily on shielding the most vulnerable from the economic fallout of the war<\/strong>, including deciding against slashing bread subsidies or dramatically raising the price of fuel, the PM said. The government\u2019s fuel pricing committee raised prices by around 3% last month<\/a>, despite Brent prices rising 40% in 1Q2022. The committee is able to move the price of fuel up or down 10% at the beginning of each quarter.<\/p>\n

Balancing social security against the budget deficit:<\/strong> Civil servants got their 8% annual raises as of the beginning of April, ahead of the regular schedule that would have seen them receive raises in July, Madbouly pointed out. The move was part of a stimulus package<\/a> to mitigate the impact of the Central Bank of Egypt\u2019s (CBE) decision to raise interest rates<\/a> for the first time in five years and the simultaneous c. 16% slide of the EGP against the greenback. \u201cThe salary increases are a type of social protection that we didn\u2019t sacrifice, even though they put a lot of pressure on the budget,\u201d Madbouly said.<\/p>\n

Reducing our debt-to-GDP ratio also remains a priority:<\/strong> \u201cI know that many MPs voiced their concerns over what they described as an \u2018alarming\u2019 rise in our foreign debt levels and have suggested trimming our borrowing,\u201d Madbouly said. The state budget aims to bring down<\/a> the debt-to-GDP ratio to 84% for the next fiscal year, and to 75% over the next four years, \u201ceven though this is not an easy goal, considering unfavorable global conditions.\u201d<\/p>\n

And resilience is the name of the (long) game:<\/strong> The government\u2019s priority right now is ensuring the economy remains resilient in the face of global economic shock and shoring up basic commodity supplies to avoid any food shortages. \u201cWe don\u2019t know when this war will end, but as per President El Sisi\u2019s directions, we\u2019re doing our best to secure strategic reserves of basic commodities to last 4-6 months,\u201d Madbouly said.<\/p>\n

WHAT\u2019S NEXT-<\/strong> Expect Planning Minister Hala El Said and Finance Minister Mohamed Maait to sit in on House committee discussions of the budget to respond to MPs\u2019 questions as they wade through the spending plan before signing off.<\/p>\n

Need a refresher on the full budget process?<\/strong> We\u2019ve got you covered with our explainer<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t responds to MP reservations about budget allocations: MPs now reviewing the draft FY 2022-2023 state budget should view the spending plan as \u201ctentative\u201d as global conditions continue to shift the goalposts, Prime Minister Moustafa Madbouly said in a meeting with the chairs of the House of Representatives\u2019 25 committees on Tuesday. The meeting \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":546729,"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":[279,7106,72,274,281,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-debt","tag-enterpriseam","tag-house-of-representatives","tag-moustafa-madbouly","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"5ceb2979-5a6e-4103-99b7-c45f12a9b4be","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/344.jpg","photo_position":"above","related_issue":[546722],"teaser":"","voice_url":""},"yoast_head":"\nNext year\u2019s budget remains \u201ctentative,\u201d Madbouly tells MPs - 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\/26\/next-years-budget-remains-tentative-madbouly-tells-mps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Next year\u2019s budget remains \u201ctentative,\u201d Madbouly tells MPs\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t responds to MP reservations about budget allocations: MPs now reviewing the draft FY 2022-2023 state budget should view the spending plan as \u201ctentative\u201d as global conditions continue to shift the goalposts, Prime Minister Moustafa Madbouly said in a meeting with the chairs of the House of Representatives\u2019 25 committees on Tuesday. 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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":[]},{"id":588459,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/","url_meta":{"origin":546728,"position":1},"title":"MPs voice concern over public borrowing as budget debates kick off in the House","author":"enterpriseam admin","date":"12 June 2023","format":false,"excerpt":"Majority parties voiced their support for the budget","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/561.jpg?fit=%2C&ssl=1&resize=350%2C200","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":546728,"position":2},"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":546658,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/subsidies-social-safety-net-allocations-dominate-house-budget-debate\/","url_meta":{"origin":546728,"position":3},"title":"Subsidies + social safety net allocations dominate House budget debate","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"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\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\/317.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/","url_meta":{"origin":546728,"position":4},"title":"MPs think the tax revenue targets in the budget are a bit optimistic","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"After flagging FY 2022-2023 budget allocations for subsidy + social safety net spending, MPs are zeroing in on tax receipts: MPs at the House Planning and Budgeting Committee are skeptical that the government\u2019s forecasted tax revenues for the upcoming fiscal year are attainable, suggesting in a committee meeting yesterday 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":588541,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/13\/fy-2023-24-budget-passes-the-house\/","url_meta":{"origin":546728,"position":5},"title":"FY 2023-24 budget passes the House","author":"enterpriseam admin","date":"13 June 2023","format":false,"excerpt":"PLUS: Unified Budget Act exec regs to be issued \u201cwithin weeks,\u201d says Maait","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/641.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\/546728","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=546728"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546728\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546729"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546728"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546728"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}