{"id":561431,"date":"2021-04-07T03:55:52","date_gmt":"2021-04-07T03:55:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/somehow-weve-generated-a-primary-surplus-so-far-this-fiscal-year\/"},"modified":"2021-04-07T03:55:52","modified_gmt":"2021-04-07T03:55:52","slug":"somehow-weve-generated-a-primary-surplus-so-far-this-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/somehow-weve-generated-a-primary-surplus-so-far-this-fiscal-year\/","title":{"rendered":"Somehow we\u2019ve generated a primary surplus so far this fiscal year"},"content":{"rendered":"

<\/a> The Madbouly government delivered a primary surplus of EGP 25 bn during the first <\/strong>nine months of FY2020-2021<\/strong>, despite the economic shock of the coronavirus heaping pressure on public finances, Finance Minister Mohamed Maait said yesterday<\/a>. This came as revenue growth outpaced a rise in spending, with income rising almost 15% during the nine-month period compared to a 11.2% increase in expenditure. Tax income was up 13.5% during the period.<\/p>\n

Welfare spending up:<\/strong> Government spending on social programmes rose more than 17% y-o-y to reach EGP 388.5 bn during 9M FY2020-2021. More than EGP 45 bn was spent on commodity subsidies (up 23.8% y-o-y) while Takaful, Karama and pensions cost the government EGP 12.9 bn (up 29%).<\/p>\n

The figures come a day after the minister <\/strong>pledged to ramp up spending<\/a><\/strong> during the coming fiscal year<\/strong>, fuelled by what he said would be a rise in tax revenues. Maait expects tax receipts to rise by 11-12% during the year, allowing the government to raise salaries next year.<\/p>\n

Higher tax takings are sorely needed to compensate for the revenue shortfall suffered under corona:<\/strong> The government has lost out on some EGP 420 bn in revenue over the past two financial years thanks to the coronavirus.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Madbouly government delivered a primary surplus of EGP 25 bn during the first nine months of FY2020-2021, despite the economic shock of the coronavirus heaping pressure on public finances, Finance Minister Mohamed Maait said yesterday. This came as revenue growth outpaced a rise in spending, with income rising almost 15% during the nine-month period […]<\/p>\n","protected":false},"author":1,"featured_media":561432,"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":[9984],"tags":[279,107,104,72,277,3823,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-public-finances","tag-budget-watch","tag-covid-19","tag-economy","tag-enterpriseam","tag-mohamed-maait","tag-public-finances","tag-tax","wpautop","entry"],"acf":{"mongo_id":"e7b85d26-d96d-4024-b68e-ab4773f490c6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/61.jpg","photo_position":"above","related_issue":[561425],"teaser":"","voice_url":""},"yoast_head":"\nSomehow we\u2019ve generated a primary surplus so far this fiscal year - 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\/04\/07\/somehow-weve-generated-a-primary-surplus-so-far-this-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Somehow we\u2019ve generated a primary surplus so far this fiscal year\" \/>\n<meta property=\"og:description\" content=\"The Madbouly government delivered a primary surplus of EGP 25 bn during the first nine months of FY2020-2021, despite the economic shock of the coronavirus heaping pressure on public finances, Finance Minister Mohamed Maait said yesterday. 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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\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":559732,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/maait-presents-medium-term-fiscal-targets\/","url_meta":{"origin":561431,"position":2},"title":"Maait presents medium term fiscal targets","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"Egypt\u2019s tax revenues are expected to hit EGP 862 bn in FY2020-2021, up from EGP 676.8 bn last fiscal year, Finance Minister Mohamed Maait told the House of Representatives yesterday in a review of the government\u2019s medium-term fiscal plans, Al Mal reports. The initial state budget forecasts \u2014 which have\u2026","rel":"","context":"In "PUBLIC FINANCE"","block_context":{"text":"PUBLIC FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/45.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576243,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/egypt-ready-to-dole-out-more-stimulus-if-covid-19-second-wave-hits\/","url_meta":{"origin":561431,"position":3},"title":"Egypt ready to dole out more stimulus if covid-19 second wave hits","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"The government is prepared to dole out further stimulus should a second wave of covid-19 take hold in Egypt, Finance Minister Mohamed Maait told Al Arabiya yesterday. The possibility of a second stimulus package, which would follow the EGP 100 bn allocated at start of the pandemic, has already been\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\/11\/178.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":561431,"position":4},"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 "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":575371,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/","url_meta":{"origin":561431,"position":5},"title":"Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait","author":"enterpriseam admin","date":"13 October 2020","format":false,"excerpt":"State revenues took a EGP 220 bn hit in FY2019-2020 due to the pandemic, Finance Minister Mohamed Maait told Hapi Journal at the Regional Forum for Medical Insurance and Healthcare yesterday. The virus outbreak has placed government finances under pressure as the three-month lockdown in the second quarter hit tax\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561431","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=561431"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561431\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561432"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561431"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561431"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}