{"id":575450,"date":"2020-10-15T04:18:09","date_gmt":"2020-10-15T04:18:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/"},"modified":"2020-10-15T04:18:09","modified_gmt":"2020-10-15T04:18:09","slug":"govt-finances-to-see-swift-recovery-from-covid-hit-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/","title":{"rendered":"Gov\u2019t finances to see swift recovery from covid hit -IMF"},"content":{"rendered":"

<\/a> The impact of covid-19 on the Egyptian government\u2019s finances may not be as drastic as<\/strong> previously feared<\/strong>, according to the IMF\u2019s October 2020 Fiscal Monitor Report (pdf).<\/a> Though fiscal indicators have weakened slightly from the last outlook in April (pdf)<\/a>, the fund is now predicting a rapid recovery over the coming five years<\/strong>, with the budget deficit narrowing significantly from 2022 onwards.<\/p>\n

The hit to the deficit will be limited:<\/strong> After shrinking to 7.5% of GDP in FY2019-2020, the IMF sees Egypt\u2019s budget deficit widening to 8.1% this fiscal year before narrowing significantly to 5.2% in FY2021-2022. The deficit will then continue to gradually decline to reach 3.8% by FY2024-2025. The IMF attributes this to a comparatively muted fiscal response to the pandemic, caused by an already large debt pile exceeding 35% of GDP.<\/p>\n

The report sees our primary balance just about remaining in a surplus this fiscal year<\/strong>, shrinking to 0.4% from 1.4% in FY2019-2020. This will then pick up, reaching 2.1% in FY2021-2022 until the middle of the decade. Egypt has so far achieved a small primary surplus of EGP 100 mn in 1Q2020-2021 despite ballooning spending needs due to the pandemic, Finance Minister Mohamed Maait said in yesterday\u2019s cabinet weekly meeting<\/a>.<\/p>\n

On the flipside, projections for the current fiscal year seem to have worsened slightly<\/strong> since April, when the IMF predicted a budget deficit of 6.6% and a 1% primary surplus.<\/p>\n

The government looks to reel in more revenues:<\/strong> The fund sees revenues inching up this fiscal year to 20% from 19.2% last fiscal year, then continue a slow but steady rebound through FY2024-2025. Revenues are being cushioned by the government\u2019s 1% tax on salaries, and a significant increase in borrowing, which has seen it receive USD 8 bn from the IMF<\/a>, a USD 2 bn loan<\/a> from foreign banks, while also generating revenue through a USD 5 bn eurobond issuance<\/a> in May.<\/p>\n

The IMF expects Egypt to tighten its purse strings as of the next fiscal year<\/strong>, when spending is projected to dip to 25.4% of GDP from 28.1% in the current fiscal year.<\/p>\n

Yesterday\u2019s report came on the heels of the IMF\u2019s <\/strong>World Economic Outlook<\/a><\/strong>. <\/strong>Amid an overarching tone of uncertainty, Egypt came out of the report relatively unscathed, with the fund upgrading its 2020 GDP forecast to 3.5% from the 2% in June. On the other hand, the IMF expects the country\u2019s account deficit to widen to 4.2% of GDP in 2021 from 3.2% this year, and listed Egypt among several countries that are particularly vulnerable to a decline in remittance flows.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 coming five years, with the […]<\/p>\n","protected":false},"author":1,"featured_media":575451,"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":[72,1318,272,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fiscal-policy","tag-imf","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"fe09d867-dea8-4f57-9725-da9e7b6b0ecb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/164.jpg","photo_position":"above","related_issue":[575445],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t finances to see swift recovery from covid hit -IMF - 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\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t finances to see swift recovery from covid hit -IMF\" \/>\n<meta property=\"og:description\" content=\"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 coming five years, with the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-15T04:18:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/164.jpg?fit=%2C&ssl=1\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t finances to see swift recovery from covid hit -IMF\",\"datePublished\":\"2020-10-15T04:18:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/\"},\"wordCount\":427,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/164.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"fiscal policy\",\"IMF\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/\",\"name\":\"Gov\u2019t finances to see swift recovery from covid hit -IMF - 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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":645222,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/16\/imf-board-approves-release-of-second-tranche-of-extended-fund-facility\/","url_meta":{"origin":575450,"position":4},"title":"IMF board approves release of second tranche of extended fund facility","author":"enterpriseam admin","date":"16 July 2017","format":false,"excerpt":"The International Monetary Fund has approved release of the second USD 1.25 bn tranch of the USD 12 bn IMF Extended Fund Facility to Egypt, following an IMF Executive Board review on Thursday. The funds should already have hit Egypt\u2019s coffers, according to MENA. \u201cThe continued fiscal consolidation aims to\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":602267,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/24\/fitch-upgrades-egypts-long-term-credit-rating-to-b-with-a-stable-outlook\/","url_meta":{"origin":575450,"position":5},"title":"Fitch upgrades Egypt\u2019s long-term credit rating to \u2018B+\u2019 with a stable outlook","author":"enterpriseam admin","date":"24 March 2019","format":false,"excerpt":"Fitch Ratings has upgraded Egypt\u2019s long-term foreign-currency issuer default rating to \u2018B+\u2019 with a \u2018stable\u2019 outlook. The agency said that Egypt\u2019s rating upgrade is supported by \u201cfurther progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.\u201d These reforms, the ratings\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\/178.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\/575450","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=575450"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575450\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575451"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575450"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575450"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}