{"id":571397,"date":"2020-05-11T03:56:06","date_gmt":"2020-05-11T03:56:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/maait-signals-austerity-measures-if-covid-19-crisis-persists\/"},"modified":"2020-05-11T03:56:06","modified_gmt":"2020-05-11T03:56:06","slug":"maait-signals-austerity-measures-if-covid-19-crisis-persists","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/maait-signals-austerity-measures-if-covid-19-crisis-persists\/","title":{"rendered":"Maait signals austerity measures if covid-19 crisis persists"},"content":{"rendered":"

<\/a> BUDGET WATCH- Austerity measures in the cards if crisis continues into <\/strong>FY2020-2021 <\/strong>-Maait: <\/strong>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<\/a> in a meeting with President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly yesterday. Public spending is on track to rise by 9%<\/a> in the coming fiscal year, including substantial budget increases for health, education and welfare. But the finance minister yesterday raised the prospect of new austerity measures should the outbreak continue into the new fiscal year, telling the president that the ministry would move to review or freeze some of its outgoings to protect its financial position.<\/p>\n

The public purse is yet to be seriously impacted by the virus:<\/strong> Maait told El Sisi that public finances have so far been able to withstand pressures caused by the downturn, despite the government seeing a EGP 75 bn revenue shortfall<\/a> during the second half of the fiscal year ending 30 June.<\/p>\n

The Health Ministry wants its budget allocation raised by EGP 8.5 bn:<\/strong> The Health Ministry has asked parliament to sign-off on a EGP 8.5 bn increase to its FY2020-2021 budget allocation to help it face covid-19, House Planning and Budget Committee deputy chair Yasser Omar tells the local press<\/a>. The government has earmarked EGP 254.5 bn for health spending \u2014 a 45% increase from the current fiscal year \u2014 but ministry wants to direct EGP 4 bn of the extra funding to the government\u2019s health insurance scheme, EGP 3 bn to public health services, and a further EGP 1.5 bn as new funding for preventive medicine.<\/p>\n

The collapse in oil prices is giving public finances a massive leg-up right now:<\/strong> The government spent just EGP 21 bn on fuel subsidies during the first nine months of FY2019-2020, less than half of the EGP 53 bn allocated<\/a> for the entire year, Reuters reports<\/a>, citing an unnamed Oil Ministry official. This is a 65% drop in spending compared to the EGP 60.1 bn shelled out during the first nine months of FY2018-2019. The collapse in oil prices \u2014 which fell by as much as 74% during the first four months of the year \u2014 has helped.<\/p>\n

Also from Maait yesterday- Gov\u2019t still on track to beat debt-to-GDP targets: <\/strong>The government is expecting public debt to GDP to reach 85% by the end of the ongoing fiscal year, Maait said yesterday. This is a downward revision from the 83% projected before the covid-19 outbreak<\/a>, but still beats the 89% target in the budget<\/a>.<\/p>\n

Primary surplus expected to fall below expectations: <\/strong>Forecasts for the primary budget surplus have also been revised downward to 1.5% by the end of the fiscal year, from a previous forecast 2%, Maait said. More pressure on the primary surplus could drive it down to 0.6% in FY 2020-2021 if the crisis continues to December, Maait warned last week<\/a>.<\/p>\n

The ministry is also considering a less favorable scenario for debt,<\/strong> which could see debt scale up to 88% of GDP and the budget deficit widening to 7.8% or 7.9% by the end of FY 2019-2020. We had more on last Wednesday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 yesterday. Public spending is on […]<\/p>\n","protected":false},"author":1,"featured_media":571398,"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":[96,3176,279,7106,3822,104,93,72,276,1318,819,259,4688,277,371,2380,98,2057],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abdel-fattah-el-sisi","tag-austerity","tag-budget-watch","tag-debt","tag-draft-budget","tag-economy","tag-energy","tag-enterpriseam","tag-finance-ministry","tag-fiscal-policy","tag-fuel","tag-health-ministry","tag-house-planning-and-budgeting-committee","tag-mohamed-maait","tag-oil-ministry","tag-speed-round","tag-subsidies","tag-yasser-omar","wpautop","entry"],"acf":{"mongo_id":"5804e9fa-e571-4cf9-bf2b-bab0d2470995","is_powered_by":true,"section_story_id":"78bd44d3-3a0f-4c34-8ed4-f7c105135182","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/98.jpg","photo_position":"above","related_issue":[571389],"teaser":"","voice_url":""},"yoast_head":"\nMaait signals austerity measures if covid-19 crisis persists - 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\/05\/11\/maait-signals-austerity-measures-if-covid-19-crisis-persists\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait signals austerity measures if covid-19 crisis persists\" \/>\n<meta property=\"og:description\" content=\"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 yesterday. 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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 "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\/3\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570765,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/finmin-leaves-fy2020-2021-gdp-growth-figures-unchanged-from-pre-covid-expectations\/","url_meta":{"origin":571397,"position":1},"title":"FinMin leaves FY2020-2021 GDP growth figures unchanged from pre-covid expectations","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"BUDGET WATCH- In a climate of global uncertainty, the Finance Ministry is leaving its projection for FY2020-2021 GDP growth unchanged for the moment, suggesting the figure will come in at 4.5%, according to the draft budget (pdf) released yesterday. 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":571283,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/budget-deficit-could-widen-to-7-8-due-to-covid-19-maait\/","url_meta":{"origin":571397,"position":2},"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":560047,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/taking-stock\/","url_meta":{"origin":571397,"position":3},"title":"Taking stock","author":"enterpriseam admin","date":"14 February 2021","format":false,"excerpt":"Egypt recorded a primary budget surplus of EGP 18.1 bn in 7M2020-2021, up from EGP 14bn at the end of 1H2020-21, Finance Minister Mohamed Maait said yesterday during a meeting with President Abdel Fattah El Sisi, according to an Ittihadiya statement.State revenues rose 16% y-o-y, a marked improvement from the\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\/2\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544833,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/","url_meta":{"origin":571397,"position":4},"title":"Cabinet approves austerity budget, trims GDP outlook","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"GDP forecast downgraded as cabinet signs off on 2022-2023 budget: Egypt has revised downwards its GDP forecast for FY 2022-2023, according to figures in the draft budget that was approved by ministers yesterday. The government sees the economy growing at a 5.5% clip in the coming fiscal year, according 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\/2022\/3\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/","url_meta":{"origin":571397,"position":5},"title":"No more grandstanding. And right in the nick of time.","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"MPs give the green light to FY 2022-2023 budget: The House of Representatives approved in a plenary session yesterday the state\u2019s budget for the upcoming fiscal year that begins in July. The final spending plan passed yesterday is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala\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\/6\/269.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\/571397","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=571397"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571397\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571398"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571397"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571397"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}