{"id":559198,"date":"2021-01-13T03:49:22","date_gmt":"2021-01-13T03:49:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/"},"modified":"2021-01-13T03:49:22","modified_gmt":"2021-01-13T03:49:22","slug":"cloudy-with-a-chance-of","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/","title":{"rendered":"Cloudy with a chance of\u2026"},"content":{"rendered":"

<\/a> EXCLUSIVE- Expect to see revised GDP growth targets for the current fiscal year<\/strong> sometime this month<\/strong> as the Finance Ministry takes stock of economic performance in 1H2020-2021 and amends the full-year expectations accordingly, Finance Minister Mohamed Maait told Enterprise. The ministry will not make legal amendments to the state budget, and will only announce the revised figures and targets to give an indicator of where things are headed, Maait said.<\/p>\n

And when the revised figures are laid out, don\u2019t take them as scripture.<\/strong> The changes in conditions are \u201cextremely sharp\u201d and it\u2019s near impossible to accurately predict point figures, Maait said.<\/p>\n

The figures laid out in the state budget \u201care not expected to be met\u201d in the midst of the unpredictability <\/strong>and volatility of global conditions, Maait said. The budget had originally set<\/a> GDP growth expectations for FY2020-2021 at 6.4% but this figure was revised several times as the pandemic took hold and wouldn\u2019t go away. Maait most recently said the economy is likely to grow between 2.8% and 3.5%<\/a> this fiscal year. The IMF\u2019s projection<\/a> earlier this week that we\u2019ll close out FY2020-2021 with a 2.8% growth rate is quite positive if we look at the bigger picture, with tourism still at a standstill and aviation barely seeing any activity, the minister told us.<\/p>\n

As for the next fiscal year, the ministry hasn\u2019t decided whether to renew its oil hedging contracts. <\/strong>\u201cWe don\u2019t know what oil prices are going to look like. Nobody really knows and the price changes are too volatile right now to even discuss,\u201d Maait said.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Expect to see revised GDP growth targets for the current fiscal year sometime this month as the Finance Ministry takes stock of economic performance in 1H2020-2021 and amends the full-year expectations accordingly, Finance Minister Mohamed Maait told Enterprise. The ministry will not make legal amendments to the state budget, and will only announce the […]<\/p>\n","protected":false},"author":1,"featured_media":559199,"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":[279,72,276,3645,348,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-enterpriseam","tag-finance-ministry","tag-fy-2021-2020-budget","tag-gdp","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"8f51fda6-90fd-4d82-83c1-05f59a067630","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/142.jpg","photo_position":"above","related_issue":[559192],"teaser":"","voice_url":""},"yoast_head":"\nCloudy with a chance of\u2026 - 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\/01\/13\/cloudy-with-a-chance-of\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cloudy with a chance of\u2026\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Expect to see revised GDP growth targets for the current fiscal year sometime this month as the Finance Ministry takes stock of economic performance in 1H2020-2021 and amends the full-year expectations accordingly, Finance Minister Mohamed Maait told Enterprise. The ministry will not make legal amendments to the state budget, and will only announce the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-13T03:49:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/142.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Cloudy with a chance of\u2026\",\"datePublished\":\"2021-01-13T03:49:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/\"},\"wordCount\":271,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/142.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budget watch\",\"EnterpriseAM\",\"Finance Ministry\",\"FY 2021-2020 budget\",\"GDP\",\"Mohamed Maait\"],\"articleSection\":[\"BUDGET WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/cloudy-with-a-chance-of\/\",\"name\":\"Cloudy with a chance of\u2026 - 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The document makes explicit that the ministry will revisit its growth\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":544781,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/govt-lowers-fy-2022-2023-budget-targets-as-ukraine-conflict-strains-finances\/","url_meta":{"origin":559198,"position":1},"title":"Gov\u2019t lowers FY 2022-2023 budget targets as Ukraine conflict strains finances","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"FinMin trims budget targets as Ukraine conflict weighs on state finances: The Finance Ministry has revised downwards its fiscal targets for FY 2022-2023 as rising commodities prices put pressure on public finances, according to figures published in an Ittihadiya statement yesterday evening.Deficit still on course to narrow: The government now\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\/3\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":559198,"position":2},"title":"Egypt misses revenue targets thanks to pandemic, but expenses are down, too","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Egypt recorded a budget deficit of EGP 462 bn \u2014 or 7.9% of GDP \u2014 in FY2019-2020, according to Finance Ministry figures (pdf) published this weekend. The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\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":542627,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/first-look-at-next-fiscal-years-budget\/","url_meta":{"origin":559198,"position":3},"title":"First look at next fiscal year\u2019s budget","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"The Finance Ministry is penciling in 5.7% growth for its FY2022-2023 state budget, Finance Minister Mohamed Maait said in a statement on Wednesday. That\u2019s more or less on par with the 5.5-5.7% growth rate the government expects for the current fiscal year, which ends in June. Our growth is expected\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\/1\/90.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":559198,"position":4},"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":542862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/","url_meta":{"origin":559198,"position":5},"title":"Primary surplus falls y-o-y in 1H2021-2022","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Egypt generated a EGP 3.2 bn primary surplus in 1H2021-2022, Finance Minister Mohamed Maait said during the weekly cabinet meeting yesterday. The surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said.The surplus is down on an annual basis, but it\u2019s still\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\/1\/248.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\/559198","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=559198"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559198\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559199"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559198"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559198"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}