{"id":575371,"date":"2020-10-13T04:34:00","date_gmt":"2020-10-13T04:34:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/"},"modified":"2020-10-13T04:34:00","modified_gmt":"2020-10-13T04:34:00","slug":"egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/","title":{"rendered":"Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait"},"content":{"rendered":"<p><strong>State revenues took a EGP 220 bn hit in FY2019-2020 due to the pandemic<\/strong>, Finance Minister Mohamed Maait told <a href=\"https:\/\/bit.ly\/30Y2TrE\">Hapi Journal<\/a> 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 revenues, the suspension of flights brought the tourism sector to a standstill, and trade disruptions caused <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/314c8ca0-d78a-4877-aa20-00adb9b8736a\">Suez Canal revenues to dip<\/a>. The government\u2019s EGP 100 bn emergency fiscal package provided <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e139e37f-92bf-4292-adcc-b654aaed6886\">tax relief to companies in vulnerable sectors<\/a> that allowed them to defer payments over three installments. By mid-May, the public purse was already facing a EGP 75 bn shortfall, most of which was due to lower-than-expected tax receipts.<\/p>\n<p><strong>What\u2019s being done to plug the gap?<\/strong> The Finance Ministry has enacted several measures to prevent the budget deficit from widening significantly. The government has been able to borrow from international institutions, such as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">USD 8 bn in IMF funding<\/a> and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000a6b27-901e-41be-895f-cf6ab6ee623f\">USD 2 bn loan<\/a> from regional and international banks, and has taken to the credit markets, holding a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925263b4-1bc7-4df7-bcdc-3335f83063f0\">record USD 5 bn eurobond issuance<\/a> in May, to patch up some of the short-term funding pressures. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f32f8ab-0957-413d-8e86-e0d253e07e63\">1% tax on salaries<\/a> and the 0.5% levy on state pensions through FY2020-2021 is providing an additional source of income, while efforts to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f32f8ab-0957-413d-8e86-e0d253e07e63\">standardize state spending and collections<\/a> are hoped to increase financial efficiency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 revenues, the suspension of flights [&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":[8572],"tags":[279,6073,107,72,276,10319,6075,2380,6074],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575371","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-budget-watch","tag-coronatax","tag-covid-19","tag-enterpriseam","tag-finance-ministry","tag-fy2020-2021","tag-mohammed-maait","tag-speed-round","tag-unified-guide","wpautop","entry"],"acf":{"mongo_id":"cb83464a-f0fb-4a40-9ec8-41af42bbf9b1","is_powered_by":true,"section_story_id":"c6fcfda5-ec3d-4379-9cb7-c5d9d3979368","story_type":"1","photo_url":"","photo_position":"above","related_issue":[575355],"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>Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait - 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\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait\" \/>\n<meta property=\"og:description\" content=\"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 revenues, the suspension of flights [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-13T04:34:00+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\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait\",\"datePublished\":\"2020-10-13T04:34:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/\"},\"wordCount\":239,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"budget watch\",\"Coronatax\",\"covid-19\",\"EnterpriseAM\",\"Finance Ministry\",\"FY2020-2021\",\"Mohammed Maait\",\"SPEED ROUND\",\"unified guide\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/egypts-state-revenues-withstand-egp-220-bn-shortfall-in-fy2019-2020-maait\/\",\"name\":\"Egypt\u2019s state revenues withstand EGP 220 bn shortfall in FY2019-2020 -Maait - 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Some EGP 5.1 bn has\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\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576095,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/10\/maait-promises-no-new-taxes-in-fiscal-update\/","url_meta":{"origin":575371,"position":2},"title":"Maait promises no new taxes in fiscal update","author":"enterpriseam admin","date":"10 November 2020","format":false,"excerpt":"Maait promises no new taxes in fiscal update: Egypt\u2019s economy is expected to grow by 3.3% in the current financial year that began in July, but growth could hover between 2.8% to 3.5%, Finance Minister Mohamed Maait said in an interview with Kelma Akhira\u2019s Lamees El Hadidi last night (watch,\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\/101.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":575371,"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 &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\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":575371,"position":4},"title":"Egypt misses revenue targets thanks to pandemic, but expenses are down, too","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Egypt recorded a budget deficit of EGP 462 bn \u2014 or 7.9% of GDP \u2014 in FY2019-2020, according to Finance Ministry figures (pdf) published this weekend. The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\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":[]},{"id":567376,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/egypt-to-beat-debt-to-gdp-target-this-year-maait\/","url_meta":{"origin":575371,"position":5},"title":"Egypt to beat debt-to-GDP target this year -Maait","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"Egypt to beat debt-to-GDP target this year + all you need to know about FinMin\u2019s epic presser: The Finance Ministry expects to reduce its debt-to-GDP ratio to 83% by the end of the current fiscal year, easily beating the 89% target included in the FY 2019-2020 budget, Finance Minister Mohamed\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\/1\/658.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\/575371","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=575371"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575371\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575355"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575371"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575371"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}