{"id":561111,"date":"2021-03-25T03:55:37","date_gmt":"2021-03-25T03:55:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/"},"modified":"2021-03-25T03:55:37","modified_gmt":"2021-03-25T03:55:37","slug":"cabinet-signs-off-on-the-draft-fy2021-2022-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/","title":{"rendered":"Cabinet signs off on the draft FY2021-2022 budget"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Well, we have a draft FY2021-2022 budget<\/strong>, after the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1888887091289647\">Madbouly cabinet signed off<\/a> on it yesterday. Finance Minister Mohamed Maait had said earlier <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d15c184c-b6a0-4eda-afd1-3d0695707906\">this month<\/a> that spending under the budget will rise 9% y-o-y to EGP 1.76 tn. Government expenditure on investment will account for 27.6% of total expenditures, with a focus on improving the quality of public services and infrastructure.<\/p>\n<p><strong>GDP growth is projected at 5.4% and could climb to 6% in the following fiscal year<\/strong> if everything goes according to plan, Maait told Yahduth fi Misr\u2019s Sherif Amer last night (<a href=\"https:\/\/www.youtube.com\/watch?v=2JZ19jJEiMo\">watch, runtime: 6:10<\/a>).<\/p>\n<p><strong>The budget is penciling in a primary surplus of 1.5%<\/strong>, compared to 0.9% in the current fiscal year, Maait said. The minister had previously said the primary surplus in FY2020-2021 is at 0.6%. <strong>The overall deficit is expected to narrow to 6.6% in FY2021-2022<\/strong>, from its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa6ab750-42a3-477e-b035-3c7c75ab5dbd\">current 7.8%<\/a>.<\/p>\n<p><strong>Other highlights include:<\/strong><\/p>\n<ul>\n<li><strong>Revenues <\/strong>rising 16.4% y-o-y to EGP 1.3 tn, up from EGP 1.12 tn in FY2020-2021, on the back of increased tax revenues amid efforts towards electronic tax collection and financial inclusion;<\/li>\n<li><strong>Supply commodities subsidy<\/strong> spending will come in at EGP 87.8 bn, rising from EGP 83 bn this fiscal year;<\/li>\n<li><strong>Pension fund allocations<\/strong> are expected to reach EGP 180 bn;<\/li>\n<li><strong>Increases in public wages <\/strong>will cost EGP 37 bn of total spending, including civil servants seeing their <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d15c184c-b6a0-4eda-afd1-3d0695707906\">minimum wages raised<\/a> to EGP 2.4k from EGP 2k as of July.<\/li>\n<\/ul>\n<p><strong>WHAT\u2019S NEXT? <\/strong>The document will make its way to the People\u2019s Assembly, where it will be discussed in committee before going up for a vote by the House general assembly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, we have a draft FY2021-2022 budget, after the Madbouly cabinet signed off on it yesterday. Finance Minister Mohamed Maait had said earlier this month that spending under the budget will rise 9% y-o-y to EGP 1.76 tn. Government expenditure on investment will account for 27.6% of total expenditures, with a focus on improving the [&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":[7413],"tags":[864,279,72,1350,277,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561111","post","type-post","status-publish","format-standard","hentry","category-budget-watch","tag-budget-deficit","tag-budget-watch","tag-enterpriseam","tag-madbouly-cabinet","tag-mohamed-maait","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"a6b6f594-177a-428b-861a-f13060029d6e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[561105],"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>Cabinet signs off on the draft FY2021-2022 budget - 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\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet signs off on the draft FY2021-2022 budget\" \/>\n<meta property=\"og:description\" content=\"Well, we have a draft FY2021-2022 budget, after the Madbouly cabinet signed off on it yesterday. Finance Minister Mohamed Maait had said earlier this month that spending under the budget will rise 9% y-o-y to EGP 1.76 tn. Government expenditure on investment will account for 27.6% of total expenditures, with a focus on improving the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-25T03:55:37+00:00\" \/>\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\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Cabinet signs off on the draft FY2021-2022 budget\",\"datePublished\":\"2021-03-25T03:55:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/\"},\"wordCount\":263,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"budget deficit\",\"budget watch\",\"EnterpriseAM\",\"Madbouly Cabinet\",\"Mohamed Maait\",\"state budget\"],\"articleSection\":[\"BUDGET WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/\",\"name\":\"Cabinet signs off on the draft FY2021-2022 budget - 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The ministers said spending priorities include improving the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/276.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/minimum-wage-pension-hikes-what-to-expect-from-next-years-state-budget\/","url_meta":{"origin":561111,"position":1},"title":"Minimum wage, pension hikes + what to expect from next year\u2019s state budget","author":"enterpriseam admin","date":"16 March 2021","format":false,"excerpt":"The minimum wage for civil servants will be raised to EGP 2.4k from EGP 2k as of the next fiscal year on the instructions of President Abdel Fattah El Sisi following a review of the draft budget yesterday, according to an Ittihadiya statement. The increase is expected to cost EGP\u2026","rel":"","context":"In &quot;PUBLIC FINANCES&quot;","block_context":{"text":"PUBLIC FINANCES","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-finances\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/213.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602216,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/cabinet-economic-group-reviews-egypts-preliminary-fy2019-20-state-budget\/","url_meta":{"origin":561111,"position":2},"title":"Cabinet Economic Group reviews Egypt\u2019s preliminary FY2019-20 state budget","author":"enterpriseam admin","date":"21 March 2019","format":false,"excerpt":"The Cabinet economic group met yesterday to review a preliminary draft of the FY2019-20 state budget, according to a Cabinet statement. The budget forecasts GDP growing at a 6% clip next year, according to Planning Minister Hala El Said. Finance Minister Mohamed Maait had said the day before that GDP\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":569988,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/15\/el-sisi-reviews-draft-fy2020-2021-budget\/","url_meta":{"origin":561111,"position":3},"title":"El Sisi reviews draft FY2020-2021 budget","author":"enterpriseam admin","date":"15 March 2020","format":false,"excerpt":"BUDGET WATCH- President Abdel Fattah El Sisi reviewed the FY2020-2021 draft budget with senior cabinet ministers yesterday, an Ittihadiya statement said. Largely in line with previous estimates, its projections include a primary budget surplus of 2%, a budget deficit of 6.2% of GDP, down from 7.2% in the current fiscal\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","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":561111,"position":4},"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 &quot;BUDGET WATCH&quot;","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":568021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/egypts-primary-surplus-at-egp-5-2-bn-in-4m2020-2021-maait\/","url_meta":{"origin":561111,"position":5},"title":"Egypt\u2019s primary surplus at EGP 5.2 bn in 4M2020-2021: Maait","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Egypt recorded a primary surplus of EGP 5.2 bn in 4M2020-2021, down from EGP 14.7 bn, Finance Minister Mohamed Maait said yesterday, according to a Cabinet statement. This is a touch lower than the EGP 5.5 bn surplus Maait cited in an interview with Al Arabiya last month. Maait had\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561111","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=561111"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561111\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561105"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561111"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561111"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}