{"id":556183,"date":"2021-10-14T04:06:30","date_gmt":"2021-10-14T04:06:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf\/"},"modified":"2021-10-14T04:06:30","modified_gmt":"2021-10-14T04:06:30","slug":"egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf\/","title":{"rendered":"Egypt\u2019s budget deficit is expected to narrow to 6.3% of GDP \u2013IMF"},"content":{"rendered":"

<\/a> Egypt\u2019s budget deficit is still expected to narrow by the end of the current fiscal<\/strong> year<\/strong>, but will shrink at a slower pace over the next several years than previously expected, the IMF said in its latest Fiscal Monitor Report (pdf)<\/a>.<\/p>\n

The IMF now sees the budget deficit narrowing to 6.3% of GDP <\/strong>by the end of the current fiscal year, compared to 7.3% in FY2020-2021. Although that may seem promising, the 6.3% figure is up 0.5 percentage points from the fund\u2019s previous forecast for the FY2021-2022<\/a>.<\/p>\n

Looking further ahead: <\/strong>The fund\u2019s October projections see the deficit continue to drop until it hits 4.4% of GDP in the FY2025-2026. A slight increase from the 4.2% figure forecasted in the fund\u2019s April report and a bigger increase from last year\u2019s forecast of 3.8%<\/a>.<\/p>\n

The report is expecting the primary surplus to see a slight improvement than previously thought<\/strong>, coming in at 1.7% of GDP at the end of the current fiscal year which will end on 30 July, 2022, from the previously forecasted 1%.<\/p>\n

The fund is anticipating a slight increase of 0.2 percentage points in public spending: <\/strong>It now sees spending rising to 27.4% of GDP in FY2021-2022 from the 27.2% recorded during the last fiscal year, which was down from the fund\u2019s 27.9% forecast. The Egyptian government will soon be subject to new budget regulation after the Senate gave its preliminary approval of the Unified Budget Act<\/a>, which would govern the state\u2019s annual budget and government accountability into an updated bill that accounts for modern budget preparation processes and erases overlap between different pieces of legislation.<\/p>\n

Although the country\u2019s debt is lower than expected: <\/strong>The current fiscal year\u2019s gross debt saw a slight drop to 89.5% from the 88.9% predicted during the fund\u2019s last report in April and a significant drop from last year\u2019s debt, which recorded 91.4%. Debt will continue on its downward trend until FY2025-2026, when it reaches 74.1% and gross financial needs for the current fiscal year will take up 36.9% of the GDP.<\/p>\n

With debt decreasing and revenues on the rise, things are looking up for the Egyptian economy as its financial gap becomes smaller and smaller: <\/strong>Revenues are forecasted to rise to 21% in FY2021-2022 from the 19.9% during the last fiscal year and will slowly tick up to reach 21.6% by FY2025-2026.<\/p>\n

Additional indicators: <\/strong>Healthcare spending will see a 0.2% rise from 2020-2030. The report is projecting a 2.1% drop in interest rate growth from 2021 to 2026, which comes in line with the Central Bank of Egypt leaving interest rates unchanged<\/a> for a seventh consecutive meeting last month.<\/p>\n

The report\u2019s fiscal projections for Egypt are mainly based on budget sector operations<\/strong> and they are based on the budget for the fiscal year 2021-22 and the fund\u2019s macroeconomic outlook.<\/p>\n

These projections come shortly after the IMF <\/strong>slightly downgraded<\/a><\/strong> its projection for global growth in 2021 to 5.9%<\/strong> in its October World Economic Outlook report (pdf)<\/a> \u2014 down a slim 0.1 percentage points from 6% in its last update in July<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s budget deficit is still expected to narrow by the end of the current fiscal year, but will shrink at a slower pace over the next several years than previously expected, the IMF said in its latest Fiscal Monitor Report (pdf). The IMF now sees the budget deficit narrowing to 6.3% of GDP by the […]<\/p>\n","protected":false},"author":1,"featured_media":556184,"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":[864,7106,104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-debt","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"6d3111e0-dff7-43d3-abb3-fd6acee36cdc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/157.jpg","photo_position":"above","related_issue":[556175],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s budget deficit is expected to narrow to 6.3% of GDP \u2013IMF - 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\/2021\/10\/14\/egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s budget deficit is expected to narrow to 6.3% of GDP \u2013IMF\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s budget deficit is still expected to narrow by the end of the current fiscal year, but will shrink at a slower pace over the next several years than previously expected, the IMF said in its latest Fiscal Monitor Report (pdf). 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This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which penciled in a 6.3% deficit. The deficit stood\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\/4\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/","url_meta":{"origin":556183,"position":1},"title":"Egypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"IMF upgrades Egypt budget projections in latest outlook: Egypt\u2019s public finances have withstood the test of covid-19 better than previously thought, new projections released by the IMF indicate. Figures in the Fund\u2019s latest Fiscal Monitor Report (pdf) suggest that the outlook for Egypt\u2019s fiscal position has improved over the past\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\/2021\/4\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573551,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/10\/egyptian-economy-to-grow-at-2-5-3-clip-in-fy2020-2021-hsbc\/","url_meta":{"origin":556183,"position":2},"title":"Egyptian economy to grow at 2.5-3% clip in FY2020-2021 -HSBC","author":"enterpriseam admin","date":"10 August 2020","format":false,"excerpt":"HSBC sees the Egyptian economy growing at a 2.5-3% clip in FY2020-2021 as strong economic fundamentals help the country weather the worst of the economic fallout caused by the covid-19 pandemic, according to a research note picked up by the local press. Growth will remain weak for the remainder of\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\/8\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571283,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/budget-deficit-could-widen-to-7-8-due-to-covid-19-maait\/","url_meta":{"origin":556183,"position":3},"title":"Budget deficit could widen to 7.8% due to covid-19 -Maait","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"Budget deficit could widen to 7.8% due to covid-19 -Maait: Egypt\u2019s budget deficit could widen to 7.8% of GDP in FY2020-2021 if the covid-19 pandemic continues until the end of the year, Finance Minister Mohamed Maait warned yesterday. The government currently expects to narrow the deficit to 6.3% in FY2020-2021.\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\/5\/48.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/egypts-economy-to-grow-3-1-this-fiscal-year-says-bnp-paribas\/","url_meta":{"origin":556183,"position":4},"title":"Egypt\u2019s economy to grow 3.1% this fiscal year, says BNP Paribas","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to grow at a 3.1% clip in the government\u2019s current 2020-2021 fiscal year, down from 3.8% in the previous fiscal year, on the back of declining tourism revenues at the outset of the pandemic, BNP Paribas said in a recent economic research report (pdf). Fiscal support\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\/2021\/4\/213.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575450,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/","url_meta":{"origin":556183,"position":5},"title":"Gov\u2019t finances to see swift recovery from covid hit -IMF","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"The impact of covid-19 on the Egyptian government\u2019s finances may not be as drastic as previously feared, according to the IMF\u2019s October 2020 Fiscal Monitor Report (pdf). Though fiscal indicators have weakened slightly from the last outlook in April (pdf), the fund is now predicting a rapid recovery over the\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\/10\/164.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\/556183","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=556183"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556183\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556184"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556183"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556183"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}