{"id":570413,"date":"2020-03-31T04:31:53","date_gmt":"2020-03-31T04:31:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/"},"modified":"2020-03-31T04:31:53","modified_gmt":"2020-03-31T04:31:53","slug":"government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/","title":{"rendered":"Government spending on health, education, wages and welfare is set to increase in FY2020-2021"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Government spending on health, education, wages and welfare is set to increase in the <\/strong><strong>coming fiscal year,<\/strong> according to highlights of the draft 2020-2021 budget released yesterday <a href=\"https:\/\/bit.ly\/2UsIVCo\">by the Finance Ministry<\/a>. Our math suggests government spending will increase 9% during the year in what Finance Minister Mohamed Maait called <a href=\"https:\/\/www.youtube.com\/watch?v=U7aYYksWrb0\">Egypt\u2019s biggest budget yet<\/a>. Education and health allocations and government investment will rise substantially and the government says it is giving an EGP 4 bn tax cut low-income taxpayers when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f6feb8cc-8a2f-4e84-a7d5-a44feb1f34e0\">raises the base personal tax exemption to EGP 15k<\/a> from EGP 8k currently.<\/p>\n<p><strong>Revenues<\/strong> are expected to increase to around EGP 1.3 tn, up almost EGP 200 bn <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\">from FY<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\">2019-2020<\/a>.<\/p>\n<p><strong>The budget deficit<\/strong> is expected to shrink to 6.3% of GDP compared to the 7.2% target in the current budget.<\/p>\n<p><strong>State spending:<\/strong> The government will spend EGP 1.71 tn during the upcoming fiscal year, a 9% increase from the EGP 1.57 tn allocated for the current fiscal year. Among the highlights:<\/p>\n<ul>\n<li><strong>The public wage bill will rise<\/strong> by 11.3% to EGP 335 bn from EGP 301 bn in the current fiscal year.<\/li>\n<li><strong>Health spending<\/strong> will rise by a third to EGP 95.7 bn.<\/li>\n<li><strong>Spending on education<\/strong> will increase by 70% to EGP 132 bn.<\/li>\n<li><strong>Government investment<\/strong> will hit EGP 280.7 bn, a 64% increase from the current fiscal year.<\/li>\n<li><strong>Spending on export subsidies<\/strong> will ramp up to EGP 7 bn from <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/23\/egypt-to-dedicate-egp-6-bn-annually-in-the-budget-for-exports-subsidies\/\">EGP 6 bn this year<\/a>..<\/li>\n<li><strong>Pensions<\/strong> will be <a href=\"https:\/\/www.youtube.com\/watch?v=Pa1VRHiVp7s\">allocated EGP 170 bn<\/a> and EGP 19 bn will go to social security, takaful and karama pensions.<\/li>\n<li><strong>Spending on goods and services<\/strong> will come in at EGP 100.2 bn.<\/li>\n<li><strong>Support for low-income housing<\/strong> will rise 70% to EGP 5.7 bn.<\/li>\n<\/ul>\n<p><strong>Oil prices:<\/strong> The government sees <a href=\"https:\/\/www.youtube.com\/watch?v=D4p_5jzPDG4\">oil prices averaging USD 61 \/ bbl<\/a> through FY2020-2021, down from the <a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/budget2019-2020\/Financial-Statement-2019-2020.pdf\">USD 68 price<\/a> used in the previous budget\u2019s calculations. Prices are currently far below this, with both US and Brent crude trading at just over USD 20 \/ bbl. Maait said the comparatively high price set out in the budget is a hedge against a rebound in oil prices. \u201cI have to protect the budget. What if the price of a barrel of oil increased? How will you finance it? What will you do?\u201d <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2BN67T\">he said<\/a>.<\/p>\n<p><em>CORRECTED on 31 March 2020<\/em><\/p>\n<p><em>A previous version of this story incorrectly said the government had set the average oil price in FY2019-2020 at USD 70 \/ bbl.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. Our math suggests government spending will increase 9% during the year in what Finance Minister Mohamed Maait called Egypt\u2019s biggest budget yet. Education and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":570414,"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":[8572],"tags":[864,279,104,73,93,72,276,7138,125,235,277,91,190,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-deficit","tag-budget-watch","tag-economy","tag-education","tag-energy","tag-enterpriseam","tag-finance-ministry","tag-health","tag-investment-watch","tag-labor","tag-mohamed-maait","tag-oil-and-gas","tag-social-welfare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f81a9b44-52eb-4d20-94fb-6457fa38ee1a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/350.jpg","photo_position":"above","related_issue":[570408],"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>Government spending on health, education, wages and welfare is set to increase in FY2020-2021 - 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\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government spending on health, education, wages and welfare is set to increase in FY2020-2021\" \/>\n<meta property=\"og:description\" content=\"Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. 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This would mark a 13.7% increase from the EGP 856.6 bn the ministry expects to collect during 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650538,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/27\/government-to-increase-spending-on-social-security-and-welfare-programs-in-upcoming-fiscal-year\/","url_meta":{"origin":570413,"position":1},"title":"Government to increase spending on social security and welfare programs in upcoming fiscal year","author":"enterpriseam admin","date":"27 March 2017","format":false,"excerpt":"The government will increase spending on social security and welfare in FY2017-18 bysetting aside a sum equivalent to 1% of the nation\u2019s projected EGP 4 tn in GDP, said Finance Minister Amr El Garhy. This should come to around EGP 40 bn, he told President Abdel Fattah El Sisi and\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":571397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/maait-signals-austerity-measures-if-covid-19-crisis-persists\/","url_meta":{"origin":570413,"position":2},"title":"Maait signals austerity measures if covid-19 crisis persists","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"BUDGET WATCH- Austerity measures in the cards if crisis continues into FY2020-2021 -Maait: The government could cut back on spending in its FY2020-2021 budget if the covid-19 outbreak persists after July, Finance Minister Mohamed Maait said in a meeting with President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly\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\/5\/98.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594687,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/","url_meta":{"origin":570413,"position":3},"title":"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait","author":"enterpriseam admin","date":"4 September 2019","format":false,"excerpt":"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait: Egypt is set to complete its economic reform program soon, and the country\u2019s improved macroeconomic indicators and better-than-expected fiscal performance in FY2018-2019 confirm that the reforms are on the right track, Finance Minister Mohamed Maait said yesterday\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\/11\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618465,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/15\/govt-proposes-increasing-spending-on-education-social-security-healthcare-in-fy-2024-25-draft-budget\/","url_meta":{"origin":570413,"position":4},"title":"Gov\u2019t proposes increasing spending on education, social security, healthcare in FY 2024-25 draft budget","author":"enterpriseam admin","date":"15 April 2024","format":false,"excerpt":"Funds directed towards social protection are up 20% y-o-y to EGP 636 bn","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\/2024\/4\/827.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586283,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/finmin-says-budget-deficit-to-widen-to-8-this-year-as-it-prepares-to-unveil-spending-plans\/","url_meta":{"origin":570413,"position":5},"title":"FinMin says budget deficit to widen to 8% this year as it prepares to unveil spending plans","author":"enterpriseam admin","date":"9 May 2023","format":false,"excerpt":"Higher tax receipts to help revenues outpace spending in the coming year","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET 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