{"id":586283,"date":"2023-05-09T00:00:00","date_gmt":"2023-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/finmin-says-budget-deficit-to-widen-to-8-this-year-as-it-prepares-to-unveil-spending-plans\/"},"modified":"2023-05-09T00:00:00","modified_gmt":"2023-05-09T00:00:00","slug":"finmin-says-budget-deficit-to-widen-to-8-this-year-as-it-prepares-to-unveil-spending-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/finmin-says-budget-deficit-to-widen-to-8-this-year-as-it-prepares-to-unveil-spending-plans\/","title":{"rendered":"FinMin says budget deficit to widen to 8% this year as it prepares to unveil spending plans"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The government will record its widest budget deficit<\/span><span style=\"font-weight:700\"> since FY 2018-2019<\/span><span style=\"font-weight:700\"> this year<\/span><span style=\"\">as the economic crisis triggered by the war in Ukraine hits public finances. The deficit will widen to 8% of GDP in FY 2022-2023 from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/754262b4-f1df-4206-b9c2-f8bf1868c135\" style=\"\">6.1%<\/a><\/span><span style=\"\"> the year, <\/span><span style=\"\">according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/471.pdf\" style=\"\">updated figures (pdf)<\/a><\/span><span style=\"\"> in the FY 2023-2024 budget obtained by Enterprise yesterday. The government had initially targeted a 6.1% deficit in this year\u2019s budget, which was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a82891c1-0dbe-4897-84fd-f8e2073fab1f\" style=\"\">revised to 6.8%<\/a><\/span><span style=\"font-weight:400;\"> in March.<\/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 reason: Higher borrowing costs and increased spending to counter inflation.<\/span><span style=\"\"> The <\/span><span style=\"\">government has increased public-sector wages, pensions and social protection measures in a bid to protect the most vulnerable households from soaring inflation. Meanwhile, sharply higher interest rates have significantly increased the government\u2019s debt servicing costs. MPs <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e851ef-ce4f-496a-9a63-3dab20ccb053\" style=\"\">approved EGP 165 bn of fresh borrowing<\/a><\/span><span style=\"\"> in March to cover the additional 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\">Deficit to narrow next year: <\/span><span style=\"\">The Finance Ministry is now targ<\/span><span style=\"\">eting a deficit of 7%<\/span><span style=\"\"> in FY <\/span><span>2023-2024, according to the figures. The ministry had initially penciled in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa078628-011b-4bca-8bd8-fd3aa0ed7d39\" style=\"\">6.4%<\/a><\/span><span> deficit in March. The forecast for the primary balance remains unchanged, with the ministry still predicting a 2.5% surplus next year, up from a projected 0.6% this year.<\/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;\">Revenue growth to outpace spending in FY 2023-2024:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Revenues to rise 41%:<\/span><span style=\"\"> The ministry is targeting revenue of EGP 2.14 tn for the next <\/span><span style=\"font-weight:400;\">fiscal year, up 41% from this year. This will be driven by a 31% increase in tax revenues which the ministry expects to record EGP 1.53 tn.<\/span><\/li>\n<li><span style=\"font-weight:700\">Spending up 34%: <\/span><span style=\"\">Spending for the upcoming fiscal year will see a 34% y-o-y <\/span><span style=\"font-weight:400;\">increase to EGP 2.99 tn, according to the figures. <\/span><\/li>\n<li><span style=\"font-weight:700\">Interest is the single-biggest expenditure:<\/span><span style=\"\"> The ministry expects to spend EGP 1.12 tn <\/span><span style=\"font-weight:400;\">on debt service in the coming year, up 45% y-o-y. This accounts for 37% of the government\u2019s total spend during the year. <\/span><\/li>\n<li><span style=\"font-weight:700\">Spend on wages, subsidies, investment all to increase:<\/span><span style=\"\"> FY 2023-2024 will see <\/span><span style=\"\">increased spending on wages (15%), commodity purchases (11%), social support (25%), and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0df2670a-9d17-4fac-b6c8-b45b543cbec5\" style=\"\">p<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0df2670a-9d17-4fac-b6c8-b45b543cbec5\" style=\"\">ublic investment<\/a><\/span><span style=\"font-weight:400;\"> (56%). <\/span><\/li>\n<li><span style=\"font-weight:700\">As will spend on public services<\/span><span style=\"\">: Allocations to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0df2670a-9d17-4fac-b6c8-b45b543cbec5\" style=\"\">education will rise 19%<\/a><\/span><span style=\"\"> to EGP 305.2 <\/span><span>bn in FY 2023-2024 while health spending will increase 14% to EGP 111.2 bn.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We already know some of the proposed spending breakdown:<\/span><span style=\"\"> The ministry plans to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b03aea9c-e969-4c2b-b3fa-81b070dd812d\" style=\"\">increase by 28%<\/a><\/span><span> its spending on social safety programs and will raise food subsidy allocations by 20% to EGP 108 bn and fuel subsidy spend by 24% to EGP 35.9 bn. The ministry<\/span><span> has penciled in oil prices<\/span><span> of USD 85 per barrel<\/span><span> for FY 2023-2024, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\" style=\"\">up from USD 80 per barrel this fiscal year<\/a><\/span><span>.<\/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\">** We should get our first look at the full budget later today<\/span><span style=\"\"> when Finance Minister <\/span><span style=\"font-weight:400;\">Mohamed Maait and Planning Minister Hala El Said give statements to the House about the government\u2019s spending plans.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher tax receipts to help revenues outpace spending in the coming year<\/p>\n","protected":false},"author":1,"featured_media":586284,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"13f3c00c-17fb-4318-aa0e-219d887c5eca","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/489.jpg","photo_position":"above","homepage_title":"Budget deficit to widen to 8% this year","full_issue_title":"Egypt says budget deficit to widen to 8% this year as it prepares to unveil spending plans","related_issue":[586276],"teaser":"Higher tax receipts to help revenues outpace spending in the coming year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.df9fc78e-a535-4e79-bd70-4d0cc4e6f9e8.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>FinMin says budget deficit to widen to 8% this year as it prepares to unveil spending plans - 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\/05\/09\/finmin-says-budget-deficit-to-widen-to-8-this-year-as-it-prepares-to-unveil-spending-plans\/\" \/>\n<meta property=\"og:locale\" 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