{"id":561467,"date":"2021-04-08T03:49:47","date_gmt":"2021-04-08T03:49:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/"},"modified":"2021-04-08T03:49:47","modified_gmt":"2021-04-08T03:49:47","slug":"egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/","title":{"rendered":"Egypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax"},"content":{"rendered":"

<\/a> IMF upgrades Egypt budget projections in latest outlook:<\/strong> 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)<\/a> suggest that the outlook for Egypt\u2019s fiscal position has improved over the past six months, though debt is expected to rise at a quicker pace than before.<\/p>\n

The budget deficit is no longer expected to widen this year:<\/strong> The IMF now sees the budget narrowing to 7.3% of GDP by the end of the current fiscal year, compared to 7.9% in FY2019-2020. In October, the Fund expected the deficit to climb to 8.1% of annual output<\/a> before falling back in FY2021-2022.<\/p>\n

But there will be slower progress over the longer term:<\/strong> The deficit is now forecast to shrink to 4.2% of GDP by the middle of the decade, compared to the 3.8% projection the IMF published in October.<\/p>\n

The primary surplus will also be bigger than previously thought<\/strong>, coming in at 1% of GDP at the end of the current fiscal year. The IMF previously saw the government generating a slender 0.4% primary balance.<\/p>\n

But the debt load is also larger than before:<\/strong> Egypt\u2019s public debt is now projected to reach almost 93% of GDP by the end of the current fiscal year from 90.2% last year. Forecasts in October had projected the country\u2019s debt pile rising from 86.6% of GDP to 90.6% this year. Conversely, the IMF now expects debt-to-GDP to fall at a faster rate in subsequent years, coming in at 73.4% in FY2025-2026 compared to the 77% predicted in October.<\/p>\n

Revenues to rise:<\/strong> Revenues will rise to 20.6% of GDP this year from 19.3% in FY2019-2020, and will slowly tick up to reach 21.7% by FY2025-2026.<\/p>\n

The Fund is no longer expecting a noticeable cut back in public spending:<\/strong> It now sees spending falling to 26.9% of GDP in FY2021-2022 from 27.9% this year. The IMF in October predicted the expenditure would fall by a more dramatic three percentage points in the coming fiscal year. Finance Minister Mohamed Maait said this week<\/a> that the ministry would not let up on spending, and pledged to use higher tax revenues to raise wages in the coming fiscal year.<\/p>\n

The fiscal report comes a day after the IMF upgraded Egypt\u2019s growth forecasts in its latest <\/strong>World Economic Outlook<\/a><\/strong>.<\/strong> The Egyptian economy is now expected to deliver 5.7% growth in FY2021-2022, up two percentage points from the previous forecast in October. On the flipside, the current account will widen to 4% this year before narrowing gradually to 2.5% by the middle of the decade.<\/p>\n

Breakthrough on debt relief<\/p>\n

Struggling emerging economies are set to receive another lifeline after G20 finance <\/strong>ministers yesterday agreed to boost IMF reserves by USD 650 bn<\/strong>, the group said in a statement<\/a> yesterday. Ministers also agreed to extend a debt relief moratorium introduced last year by another six months until the end of 2021. The new allocation of special drawing rights \u2014 a reserve currency used by the IMF \u2014 will enable the international lender to channel more emergency funds to developing nations struggling to cope with the economic costs of covid.<\/p>\n

Could debt relief be conditioned on climate policy?<\/strong> The IMF and the World Bank are considering new measures to incentivize developing countries to fund climate projects that could see them being offered debt relief in return, according to Reuters<\/a>. The institutions are setting up a new platform that will provide advice to low-income nations on implementing climate-friendly policy, and could offer a combination of debt relief and soft loans as incentives.<\/p>\n

The International Cooperation Ministry wants to team up with private sector <\/strong>players on sustainable development projects through green finance, <\/strong>International Cooperation Minister Rania Al Mashat said at a webinar during the IMF \/ World Bank Spring Meetings<\/a>, which are taking place till Sunday, 11 April, according to a statement<\/a>. Al Mashat pointed to the importance of private sector inclusion in the state's digital transformation plans, adding that public-private partnerships in this field play an essential role in economic growth.<\/p>\n

IMF calls for wealth taxes to pay for covid spending<\/p>\n

What times we live in:<\/strong> The IMF has suggested that governments introduce temporary wealth taxes on companies and individuals to redistribute the cost burden of the pandemic and prevent rapidly rising inequality. \u201cTo help meet pandemic-related financing needs, policymakers could consider a temporary covid-19 recovery contribution, levied on high incomes or wealth,\u201d the fiscal monitor said.<\/p>\n

And now <\/strong>corporates<\/strong> might have to kiss their tax havens goodbye:<\/strong> A US proposal to impose a minimum global corporate tax rate is picking up steam among the world\u2019s biggest economies, in a move that would \u2014 if it sees the light \u2014 effectively put an end to tax havens. The European Commission backed the proposal to set a 21% base tax rate but wants to ensure that the same rules would apply to US tech giants, which has previously been a sticking point for Washington. Reuters<\/a>, Bloomberg<\/a>, and the Financial Times<\/a> have more.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 six months, though debt is […]<\/p>\n","protected":false},"author":1,"featured_media":561468,"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":[864,147,107,7106,155,104,72,246,272,223,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-climate-change","tag-covid-19","tag-debt","tag-digitization","tag-economy","tag-enterpriseam","tag-green-economy","tag-imf","tag-rania-al-mashat","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"84a39eac-bae8-4860-8836-713905b48454","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/78.jpg","photo_position":"above","related_issue":[561463],"teaser":"","voice_url":""},"yoast_head":"\nEgypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax - 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\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax\" \/>\n<meta property=\"og:description\" content=\"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. 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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":556183,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf\/","url_meta":{"origin":561467,"position":1},"title":"Egypt\u2019s budget deficit is expected to narrow to 6.3% of GDP \u2013IMF","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"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\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\/10\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608087,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/budget-deficit-to-widen-to-10-7-this-fiscal-year-imf\/","url_meta":{"origin":561467,"position":2},"title":"Budget deficit to widen to 10.7% this fiscal year -IMF","author":"enterpriseam admin","date":"15 October 2023","format":false,"excerpt":"The Fund expects government spending to rise faster than previously expected while revenues will remain flat","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\/2023\/10\/704.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612940,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/a-sneak-peek-of-next-fiscal-years-budget\/","url_meta":{"origin":561467,"position":3},"title":"A sneak peek of next fiscal year\u2019s budget","author":"enterpriseam admin","date":"4 January 2024","format":false,"excerpt":"The government sees the economy growing at a 4.7% clip in the coming fiscal year","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\/2024\/1\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":664569,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/04\/gaza-spillovers-reform-delays-weigh-on-egypts-growth-outlook-say-imf\/","url_meta":{"origin":561467,"position":4},"title":"Gaza spillovers, reform delays weigh on Egypt\u2019s growth outlook, say IMF","author":"enterpriseam admin","date":"4 May 2025","format":false,"excerpt":"The IMF downgraded the MENA region's growth outlook to 2.6% for 2025","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\/2024\/10\/1412.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":561467,"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\/561467","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=561467"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561467\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561468"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561467"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561467"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}