{"id":578353,"date":"2022-12-26T04:08:16","date_gmt":"2022-12-26T04:08:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/our-first-look-at-the-fy2023-2024-budget\/"},"modified":"2022-12-26T04:08:16","modified_gmt":"2022-12-26T04:08:16","slug":"our-first-look-at-the-fy2023-2024-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/our-first-look-at-the-fy2023-2024-budget\/","title":{"rendered":"Our first look at the FY2023-2024 budget"},"content":{"rendered":"

<\/a> FinMin pencils in 5.5% growth for FY2023-2024: <\/strong>Egypt is targeting a GDP growth of 5.5% in its draft budget for the next fiscal year, Finance Minister Mohamed Maait said in a statement<\/a>. The government is also targeting a primary surplus of 2% for the upcoming fiscal year and a 5% budget deficit in the medium term. The target comes amid \u201cexceptional circumstances\u201d caused by a spike in the prices of goods and services, continued disruption of supply chains and a rising cost of financing, the statement reads.<\/p>\n

Other targets: <\/strong>The ministry is hoping to bring down the debt-to-GDP ratio to below 80% by the end of 2027, revising the figure upward from the 72% target<\/a> announced in October during the Egypt Economic Conference.<\/p>\n

Where do we stand this fiscal year? <\/strong>The Planning Ministry recently revised downwards our economic growth expectation for FY2022-2023 to around 5%<\/a> down from the 5.5% the Finance Ministry anticipated in the draft budget<\/a>. The World Bank is expecting our economy to grow 4.5%<\/a>, while the IMF<\/a> and Fitch<\/a> are both predicting a 4.4% growth tempered by inflation, a slowdown in public investments and a belated recovery from the tourism sector.<\/p>\n

On the agenda for FY2023-2024: <\/strong>The draft budget prioritizes development, expanding social protection measures, overcoming the spillover effects from global economic challenges, and reducing the impact of the global inflationary wave on citizens, Maait said. The government also wants to expand the umbrella of the Decent Life (Hayah Karima) initiative<\/a> to include the 60% of Egyptians who live in rural areas.<\/p>\n

The news got attention internationally:<\/strong> Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is targeting a GDP growth of 5.5% in its draft budget for the next fiscal year<\/p>\n","protected":false},"author":1,"featured_media":578354,"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":[7413],"tags":[279,104,72,276,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"ff59a1ee-6d92-4f9d-9803-8cc991b4ea93","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/514.jpg","photo_position":"above","related_issue":[578346],"teaser":"Egypt is targeting a GDP growth of 5.5% in its draft budget for the next fiscal year"},"yoast_head":"\nOur first look at the FY2023-2024 budget - 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The figures cited by Maait differ slightly from those included in\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":559732,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/maait-presents-medium-term-fiscal-targets\/","url_meta":{"origin":578353,"position":1},"title":"Maait presents medium term fiscal targets","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"Egypt\u2019s tax revenues are expected to hit EGP 862 bn in FY2020-2021, up from EGP 676.8 bn last fiscal year, Finance Minister Mohamed Maait told the House of Representatives yesterday in a review of the government\u2019s medium-term fiscal plans, Al Mal reports. The initial state budget forecasts \u2014 which have\u2026","rel":"","context":"In "PUBLIC FINANCE"","block_context":{"text":"PUBLIC FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/45.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542627,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/first-look-at-next-fiscal-years-budget\/","url_meta":{"origin":578353,"position":2},"title":"First look at next fiscal year\u2019s budget","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"The Finance Ministry is penciling in 5.7% growth for its FY2022-2023 state budget, Finance Minister Mohamed Maait said in a statement on Wednesday. That\u2019s more or less on par with the 5.5-5.7% growth rate the government expects for the current fiscal year, which ends in June. Our growth is expected\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\/1\/90.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603267,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/17\/preliminary-figures-show-gdp-growth-at-5-6-in-1h2018-19\/","url_meta":{"origin":578353,"position":3},"title":"Preliminary figures show GDP growth at 5.6% in 1H2018-19","author":"enterpriseam admin","date":"17 April 2019","format":false,"excerpt":"Egypt\u2019s GDP grew 5.6% in 1H2018-19, up from 5.3% during the same period last year, according to preliminary Planning Ministry figures announced to the House of Representatives by Finance Minister Mohamed Maait,according to \u0650Ahram Gate. Growth was primarily driven by the gas, ICT, and construction sectors, Planning Minister Hala El\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":631101,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/11\/finance-ministry-updates-projection-for-budget-deficit-this-year-to-9-6-9-8-of-gdp\/","url_meta":{"origin":578353,"position":4},"title":"Finance Ministry updates projection for budget deficit this year to 9.6-9.8% of GDP","author":"enterpriseam admin","date":"11 March 2018","format":false,"excerpt":"The government is expecting the budget deficit for the current fiscal year to reach 9.5-9.7% of GDP, down from 10.9% in FY2016-17, according to a statement from Ittihadiya. It expects this to drop again to 8.5% of GDP in FY2018-19. The Finance Ministry had announced on Thursday that the budget\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":597714,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/govt-revises-downwards-fy2018-19-growth-forecast-to-5-6\/","url_meta":{"origin":578353,"position":5},"title":"Gov\u2019t revises downwards FY2018-19 growth forecast to 5.6%","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"EXCLUSIVE- FinMin revises FY2018-2019 growth forecast to 5.6%: The Finance Ministry has revised downwards its growth forecast for FY2018-2019 to 5.6%, down from 5.8% previously, according to an official document seen by Enterprise. The budget deficit declined during the first nine months of the fiscal year to 5.3%, compared 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\/2020\/10\/276.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\/578353","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=578353"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578353\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578354"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578353"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578353"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}