{"id":550832,"date":"2022-05-08T13:13:39","date_gmt":"2022-05-08T13:13:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/this-evening-egypt-is-getting-closer-to-finalizing-the-2022-2023-budget-egypts-non-oil-private-sector-contracted-again-in-april-albeit-at-a-slower-pace\/"},"modified":"2022-05-08T13:13:39","modified_gmt":"2022-05-08T13:13:39","slug":"this-evening-egypt-is-getting-closer-to-finalizing-the-2022-2023-budget-egypts-non-oil-private-sector-contracted-again-in-april-albeit-at-a-slower-pace","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/this-evening-egypt-is-getting-closer-to-finalizing-the-2022-2023-budget-egypts-non-oil-private-sector-contracted-again-in-april-albeit-at-a-slower-pace\/","title":{"rendered":"THIS EVENING: Egypt is getting closer to finalizing the 2022-2023 budget + Egypt\u2019s non-oil private sector contracted again in April, albeit at a slower pace"},"content":{"rendered":"<p><strong>This busy news week appears to be starting with a slow Sunday.<\/strong> Don\u2019t let today lull you, ladies and gentlemen, as all our key macro indicators are coming up and the next fiscal year\u2019s budget looks set to be introduced to the House of Representatives \u2014 all this week.<\/p>\n<p><strong>THE BIG STORIES TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>#1-<\/strong> <strong>Details are out on next year\u2019s fiscal budget: <\/strong>The Finance Ministry is forecasting that the budget deficit will narrow to 6.1% of GDP in the latest draft of the FY 2022-23 budget, <a href=\"https:\/\/www.asharqbusiness.com\/article\/37141\">Bloomberg Asharq<\/a> is reporting, citing an official document it has seen. The government is aiming to shrink the debt-to-GDP ratio to 84% next fiscal year. The Finance Ministry has also penciled in oil prices of USD 80 per barrel \u2014 up from USD 60 per barrel this fiscal year \u2014 and an average wheat price of USD 330 per ton, up almost 30% on last year as war in Ukraine plays havoc with the global commodities markets.<\/p>\n<p><strong>Finance Minister Mohamed Maait will present the<\/strong><strong> draft FY 2022-2023 budget to the House of Representatives\u2019 general assembly tomorrow<\/strong>. Last month the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49f1cd0-4568-491c-a6cd-87d5e920b80c\">House voted<\/a> to send the draft FY 2022-2023 budget to the budget and planning committee. Planning Minister Hala El Said will present the draft economic and social development plan to the House during the same session.<\/p>\n<p><strong>#2-<\/strong> <strong>Egypt\u2019s non-oil private sector contracted again in April, albeit at a slower pace<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/5\/PMI-April-2022.pdf\">S&P Global\u2019s purchasing managers\u2019 index (PMI) survey (pdf)<\/a>. The index registered 46.9 in April, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601312ea-2a96-485a-83db-cae4a0955962\">46.5 in March<\/a> but still below the 50.0 mark that separates expansion from contraction and marking \u201ca solid deterioration in business conditions\u201d that was the second-fastest since June 2020 thanks to ongoing fallout from the Ukraine war. The PMI reported that construction broadly bucked the trend as the \u201conly bright spot,\u201d with an uptick in activity and new orders. Industry players reported a marginal softening of input price inflation \u2014 but many opted to absorb higher costs instead of passing them onto consumers, according to the survey.<\/p>\n<p><strong>THE BIG STORY ABROAD- <\/strong>It\u2019s a toss-up between (you guessed it) updates from the Russia-Ukraine war and the impact of covid-19 lockdowns on China\u2019s economy.<\/p>\n<p><strong>IN CHINA:<\/strong> Authorities in Shanghai are imposing tighter covid-19 restrictions in a bid to contain a breakout that began several weeks ago, with the lockdown pushing up unemployment figures and further straining global supply chains and international trade, <a href=\"https:\/\/www.reuters.com\/world\/china\/beijing-covid-outbreak-proves-stubborn-mass-tests-becoming-routine-2022-05-08\/\">Reuters<\/a> reports, citing sources with knowledge of the matter. The lockdowns are expected to spell a \u201ccomplicated and grave\u201d situation for unemployment, Chinese Prime Minister Li Keqiang said, according to a <a href=\"http:\/\/www.gov.cn\/premier\/2022-05\/07\/content_5689087.htm\">statement<\/a>.<\/p>\n<p><strong>IN UKRAINE:<\/strong> Russian forces reportedly bombed a school in a village in Ukraine\u2019s eastern Donetsk region yesterday, where residents appear to have been taking shelter, potentially killing as many as 60 people, <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-azovstal-steelworks-evacuation-focuses-wounded-medics-2022-05-08\/\">Reuters<\/a> reports, citing the regional governor.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Privatization program back in action this September:<\/strong> Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4cd7d325-5852-44ce-9a8b-08564b456b59\">plans to offer shares<\/a> in state companies on the EGX starting in September, Public Enterprise Minister Hisham Tawfik said. The minister said the move had been delayed until after the summer, without providing further details on the companies to be listed.<\/li>\n<li><strong>More on the Sisi administration\u2019s plans to boost the economy: <\/strong>The state\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5391cdf0-e2f5-4354-9608-53fd3237a288\">plan to attract USD 40 bn in fresh investment<\/a> by opening the door to \u201cprivate sector participation in state-owned assets\u201d led coverage of President Abdel Fattah El Sisi\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e2d427a-c9ae-4520-a34f-242995583bbb\">televised speech<\/a> at the \u201cEgyptian family iftar\u201d event (<a href=\"https:\/\/www.youtube.com\/watch?v=4HFxWIHffuU\">watch, runtime: 1:03:23<\/a>) before the Eid break. El Sisi used the speech to announce several initiatives to help strengthen Egypt\u2019s economy and industry, increase private sector investment, and reduce public debt.<\/li>\n<li><strong>We could be getting Ukrainian wheat through Polish and <\/strong><strong>Lithuanian seaports:<\/strong> Polish President Andrzej Duda <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad18b775-3e22-4e6b-b4fc-9dd30f4b85ad\">will visit Egypt next month<\/a> to coordinate ways to ship Ukrainian wheat to Egypt amid the war, potentially through Polish seaports, Duda said. Both Poland and Lithuania are reportedly in talks with Ukraine about exporting its summer grain harvest through their ports in a bid to circumvent Russia\u2019s blockade of the country\u2019s Black Sea ports, which has resulted in <a href=\"https:\/\/www.reuters.com\/world\/europe\/nearly-25-mln-tonnes-grain-stuck-ukraine-un-food-agency-2022-05-06\/\">some 25 mn tons<\/a> being currently stuck in the country.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p class='web-image-inner'><img data-recalc-dims=\"1\" style='display: block' src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Inside Industry day \u2014<\/strong> <strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Although a number of manufacturers have told <a href=\"https:\/\/enterprise.press\/industries\/industrial-automation-helping-manufacturers-make-strides-industries-heres\/\">last month<\/a> that they are successfully accelerating their adoption of industrial automation, a lot of manufacturers are still behind on the transition. Today, we look at what\u2019s standing in the way of manufacturers, and what needs to be done before we see more of them making the shift.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>Officials from Brazil\u2019s agriculture ministry will arrive in Cairo tomorrow to discuss upping<\/strong><strong> nitrogen fertilizer imports from Egypt<\/strong>, the <a href=\"https:\/\/anba.com.br\/en\/brazilian-ministry-mission-to-visit-jordan-egypt-morocco\/\">Arab Brazilian Chamber of Commerce<\/a> said Thursday. The delegation will meet with Supply Minister Ali El Moselhy, Deputy Agriculture Minister Moustafa El Sayed, and private sector fertilizer and animal protein suppliers.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>We\u2019ve got a ton of data points and news triggers in the pipeline<\/strong>. Here are the key events you\u2019ll want to keep an eye on:<\/p>\n<ul>\n<li><strong>Privatization strategy announcement: <\/strong>We\u2019re expecting the Madbouly government to announce the details of its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">strategy to privatize state-owned firms<\/a> and boost private-sector participation in the economy. Cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0r2Z7YF2izc1pcKNMDo2kd5wVbbB4qUFSeyWHC67QpMwF214HouaRqHsHdEHCS6cnl\">said yesterday<\/a> that the PM will hold a presser this week to announce new measures to improve private investment and FDI;<\/li>\n<li><strong>Foreign reserves:<\/strong> Figures for April should be announced sometime this week;<\/li>\n<li>State statistics agency Capmas\u2019 monthly bulletin covering<strong> the price of key building materials<\/strong> is due out tomorrow, 9 May; <\/li>\n<li><strong>Inflation figures<\/strong> for April are due out on Tuesday, 10 May. Between the global environment, knock-on effects from the devaluation of the EGP, and the traditional inflationary hit thanks to Ramadan, you can expect the number to be a bit on the ugly side.<\/li>\n<\/ul>\n<p><strong>PLUS- The PSA world squash championships get underway in Cairo this Friday<\/strong>, 13 May. The men\u2019s and women\u2019s finals will be played on 22 May. There is USD 550k at stake for each of the men\u2019s and women\u2019s championships, making this <a href=\"https:\/\/psaworldtour.com\/news\/view\/9891\/record-prize-money-on-offer-at-2021-22-psa-world-championships\">the biggest purse on record<\/a> for a squash tourney.<\/p>\n<p><strong>FURTHER AFIELD- <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>A huge US <\/strong><strong><a href=\"https:\/\/www.amcham.org.eg\/events-activities\/missions\/us-business-missions-to-egypt\/36\/May-2022\/222\/about-the-mission\">\u201cGreenTech business mission<\/a><\/strong><strong>\u201d is inbound a week from today<\/strong> for a three-day visit. More than 40 US companies are heading to Egypt to kick the tires on green investment and potential business partnerships in sectors ranging from energy to healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials. It\u2019s being led by David Thorne (a top official in the office of the US special presidential envoy for climate) and Jake Levine (chief climate officer at the US International Development Finance Corporation).<\/p>\n<p><strong>ALSO-<\/strong><\/p>\n<ul>\n<li><strong>The Central Bank of Egypt will meet to review interest rates <\/strong>on Thursday, 19 May.<\/li>\n<li><strong>The last of this season\u2019s earnings releases will drop by 31 May<\/strong> after the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">granted listed companies<\/a> a two-week deadline extension.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>PSA- Early-stage foodtech startups have until June<\/strong> to apply to the second edition of the UAE Ministry of Climate Change and Environment and <a href=\"https:\/\/www.tamkeenuae.com\/\">Tamkeen<\/a>\u2019s <strong>global FoodTech Challenge, with an earnings pool of USD 2 mn<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/5\/FTC-Global-Press-Release_English-.pdf\">a statement (pdf)<\/a>. The challenge is looking to find \u201cthe next wave of technology innovations on the cusp of transforming traditional agriculture practices, efficiently and sustainably\u201d specifically geared towards innovation in food production and food loss and waste. Partners supporting the competition include <a href=\"https:\/\/www.aspireuae.ae\/\">Aspire<\/a>, <a href=\"https:\/\/adq.ae\/\">ADQ<\/a>, <a href=\"https:\/\/www.silal.ae\/\">Silal<\/a> and <a href=\"https:\/\/www.emiratesfoundation.ae\/\">Emirates Foundation<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect some warm weather tomorrow as the mercury rises to 37\u00b0C during the day before falling to 18\u00b0C at night, our favorite weather app tells us.<\/p>\n<p><strong>***<\/strong><br \/> <a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things<\/strong>. Today, we run two daily publications, five weekly industry verticals, a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publication<\/strong>s. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >199k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<br \/> <strong>***<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This busy news week appears to be starting with a slow Sunday. Don\u2019t let today lull you, ladies and gentlemen, as all our key macro indicators are coming up and the next fiscal year\u2019s budget looks set to be introduced to the House of Representatives \u2014 all this week. THE BIG STORIES TODAY- #1- Details [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7213],"tags":[116,317,107,633,276,727,1801,277,678,185,1243,278,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550832","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-china","tag-commodities","tag-covid-19","tag-enterprisepm","tag-finance-ministry","tag-hala-el-said","tag-lithuania","tag-mohamed-maait","tag-planning-ministry","tag-pmi","tag-poland","tag-state-budget","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"d2b9a26d-c750-4de4-8349-980d843311e3","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[550830],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Egypt is getting closer to finalizing the 2022-2023 budget + Egypt\u2019s non-oil private sector contracted again in April, albeit at a slower pace - 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\/08\/this-evening-egypt-is-getting-closer-to-finalizing-the-2022-2023-budget-egypts-non-oil-private-sector-contracted-again-in-april-albeit-at-a-slower-pace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt is getting closer to finalizing the 2022-2023 budget + Egypt\u2019s non-oil private sector contracted again in April, albeit at a slower pace\" \/>\n<meta property=\"og:description\" content=\"This busy news week appears to be starting with a slow Sunday. Don\u2019t let today lull you, ladies and gentlemen, as all our key macro indicators are coming up and the next fiscal year\u2019s budget looks set to be introduced to the House of Representatives \u2014 all this week. 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