{"id":583854,"date":"2023-03-21T00:00:00","date_gmt":"2023-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/govt-to-increase-borrowing-as-mps-approve-wage-pension-hikes\/"},"modified":"2023-03-21T00:00:00","modified_gmt":"2023-03-21T00:00:00","slug":"govt-to-increase-borrowing-as-mps-approve-wage-pension-hikes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/govt-to-increase-borrowing-as-mps-approve-wage-pension-hikes\/","title":{"rendered":"Gov\u2019t to increase borrowing as MPs approve wage, pension hikes"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">MPs yesterday<\/span><span style=\"font-weight:700\"> approved t<\/span><span style=\"font-weight:700\">he new round of <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/20\/wage-pension-hikes-given-initial-house-approval-amid-criticism-100662\/\" style=\"\">wage and pension hikes<\/a><\/span><span style=\"\"> designed<\/span><span style=\"\"> to <\/span><span style=\"\">soften the impact of soaring inflation on low-income households. The measures \u2014 announced by President Abdel Fattah El Sisi earlier this month <\/span><span>\u2014<\/span><span style=\"font-weight:400;\"> will from 1 April raise salaries and the minimum wage for public-sector workers, hike pension payouts by 15%, and raise allocations to social protection programs.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The government is borrowing an extra EGP 165 bn to make it happen:<\/span><span style=\"\"> The House <\/span><span style=\"font-weight:400;\">yesterday voted through legislative amendments allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year. Around EGP 70 bn will be used to increase funding to social protection programs while the wage hikes will cost EGP 10 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More than half of it is being spent on debt servicing:<\/span><span style=\"\"> Some EGP 85 bn of the new borrowing <\/span><span style=\"font-weight:400;\">will be spent on servicing government debt in the April-June quarter. The government is facing sharply higher borrowing costs on the back of tightening global financial conditions and the war in Ukraine. The Central Bank of Egypt has raised interest rates by 800 bps over the past year in response to rising inflation and pressure on the EGP, while higher rates globally and the stronger USD has hiked the country\u2019s external borrowing costs.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The measures have attracted criticism from pro-government and opposition MPs:<\/span><span style=\"\">Members of Mostaqbal Watan and opposition parties during a debate on Sunday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/20\/wage-pension-hikes-given-initial-house-approval-amid-criticism-100662\/\" style=\"\">criticized the measures<\/a><\/span><span style=\"\"> for not going far enough to soften the impact of inflation, which <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/12\/inflation-surges-to-five-and-a-half-year-high-in-february-far-above-analysts-expectations-99377\/\" style=\"\">accelerated<\/a><\/span><span style=\"font-weight:400;\"> to its highest level since July 2017 last month.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The criticism continued yesterday: <\/span><span style=\"\">Leftist MPs reiterated criticisms that the provisions fall flat <\/span><span style=\"font-weight:400;\">in the face of soaring inflation, and called for a vote of no confidence in the government.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO FROM THE HOUSE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Temporary three-year licenses for informal industrial projects got the thumbs up:<\/span><span style=\"\"> The <\/span><span style=\"font-weight:400;\">House gave final approval to a bill that would give the Industrial Development Authority (IDA) the authority to provide informal industrial establishments with one-year licenses to operate while they work to legalize their businesses. The Trade Ministry will be able to extend these licenses by up to two more years upon the IDA\u2019s recommendation.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">As did tighter rules for village mayors and sheikhs:<\/span><span style=\"\"> MPs also gave a final nod to a bill that <\/span><span style=\"\">would enable the regulatory committees that govern the disciplinary affairs of village mayors and sheikhs to convene more easily, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youm7.com\/story\/2023\/3\/20\/\u0645\u062c\u0644\u0633-\u0627\u0644\u0646\u0648\u0627\u0628-\u064a\u0648\u0627\u0641\u0642-\u0646\u0647\u0627\u0626\u064a\u0627-\u0639\u0644\u0649-\u0645\u0634\u0631\u0648\u0639-\u0627\u0644\u062d\u0643\u0648\u0645\u0629-\u0628\u062a\u0639\u062f\u064a\u0644-\u0642\u0627\u0646\u0648\u0646-\u0627\u0644\u0639\u0645\u062f\/6121746\" style=\"\">Youm7<\/a><\/span><span style=\"font-weight:400;\">reports.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov\u2019t to borrow EGP 85 bn to meet debt servicing costs in 4Q 2022-2023<\/p>\n","protected":false},"author":1,"featured_media":583855,"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":[7344],"tags":[279,72,274,289,7196,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-budget-watch","tag-enterpriseam","tag-house-of-representatives","tag-industrial-development-authority","tag-industry","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"a4e851ef-ce4f-496a-9a63-3dab20ccb053","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/House-of-Rep-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt to increase borrowing as parliament approves wage, pension hikes","related_issue":[583843],"teaser":"Gov\u2019t to borrow EGP 85 bn to meet debt servicing costs in 4Q 2022-2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.ba47b775-8367-407e-bf18-abe4575533b4.mp3"},"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>Gov\u2019t to increase borrowing as MPs approve wage, pension hikes - 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\/2023\/03\/21\/govt-to-increase-borrowing-as-mps-approve-wage-pension-hikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t to 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enough in inflation fight, say pro-govt and opposition MPs","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608170,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/house-passes-cost-of-living-payout-tax-break\/","url_meta":{"origin":583854,"position":1},"title":"House passes cost-of-living payout, tax break","author":"enterpriseam admin","date":"16 October 2023","format":false,"excerpt":"Our income tax threshold has now risen 275% in just nine years","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION 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The bill brings forward the new remuneration rates by three months, meaning that they will\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/701.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582238,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/el-sisi-announces-egp-150-bn-program-of-wage-hikes-pension-increases-amid-soaring-inflation\/","url_meta":{"origin":583854,"position":4},"title":"El Sisi announces EGP 150 bn program of wage hikes, pension increases amid soaring inflation","author":"enterpriseam admin","date":"5 March 2023","format":false,"excerpt":"The measures include wage increases and a higher minimum wage for civil servants","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/minimum-wage-pension-hikes-what-to-expect-from-next-years-state-budget\/","url_meta":{"origin":583854,"position":5},"title":"Minimum wage, pension hikes + what to expect from next year\u2019s state budget","author":"enterpriseam admin","date":"16 March 2021","format":false,"excerpt":"The minimum wage for civil servants will be raised to EGP 2.4k from EGP 2k as of the next fiscal year on the instructions of President Abdel Fattah El Sisi following a review of the draft budget yesterday, according to an Ittihadiya statement. 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