{"id":588088,"date":"2023-06-06T00:00:00","date_gmt":"2023-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/senate-approves-fy-2023-24-development-plan\/"},"modified":"2023-06-06T00:00:00","modified_gmt":"2023-06-06T00:00:00","slug":"senate-approves-fy-2023-24-development-plan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/senate-approves-fy-2023-24-development-plan\/","title":{"rendered":"Senate approves FY 2023-24 development plan"},"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\">Senate approves FY 2023-24 development plan: <\/span><span style=\"\">The Senate gave final approval to the <\/span><span>government\u2019s FY 2023-2024 economic and social development plan in a vote yesterday. <\/span><span>The approval came <\/span><span style=\"font-weight:400;\">following two days of debates. The plan will now be sent for discussion at the House of Representatives.<\/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\">In a nutshell:<\/span><span style=\"\"> The government\u2019s development plan \u2014 drawn up by the Planning Ministry in <\/span><span>tandem with the Finance Ministry\u2019s annual budget \u2014 aims to draw E<\/span><span>GP <\/span><span style=\"font-weight:400;\">1.65 tn in investment, EGP 1.05 tn of which will come from the government and EGP 600 bn from the private-sector. The plan also targets 4.1% GDP growth for the coming fiscal 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\">El Said indicates cautious debt policy:<\/span><span style=\"\"> The government will only take on soft foreign-currency <\/span><span>loans to use for its long-term development objectives, Planning Minister Hala El Said told senators on Sunday. <\/span><span>\u201cWe as a government are implementing a policy of austerity measures and spending cuts that aim to contain inflation and boost investments,\u201d she said. The Finance Ministry has held talks with several international lenders in recent weeks including <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e33e03ae-a500-4c47-aaf5-34d82fd3fb42\" style=\"\">Citibank<\/a><\/span><span> and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14157468-38dc-4c27-aa53-16228303e599\" style=\"\">New Development Bank<\/a><\/span><span style=\"font-weight:400;\"> about receiving new concessional loans.<\/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\">Remember:<\/span><span style=\"\"> Egypt\u2019s external debt <\/span><span style=\"\">has quadrupled ove<\/span><span style=\"\">r the past decade, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77fcc938-daed-43c9-936f-07e4f0536e1c\" style=\"\">reaching a record<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77fcc938-daed-43c9-936f-07e4f0536e1c\" style=\"\">USD 162.9 bn<\/a><\/span><span style=\"font-weight:400;\"> in 2Q 2022-2023.<\/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\">And cautious spending:<\/span><span style=\"\"> The development plan does not <\/span><span style=\"\">allocate public money towards new <\/span><span>development projects in the coming fiscal year, said El Said, adding that only projects that have passed 70% completion will receive investment. New national projects requiring significant FX expenditure or where construction has yet to begin have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94e93c4d-9ae4-43b5-8d4d-91f768e6df3f\" style=\"\">been on hold<\/a><\/span><span style=\"font-weight:400;\"> since January as the government looks to mitigate the ongoing FX crunch.<\/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 Senate will now take a two-week break<\/span><span> before reconvening on 18 June.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government to control foreign borrowing, says planning minister<\/p>\n","protected":false},"author":1,"featured_media":588089,"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":[279,72,727,187,678,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-enterpriseam","tag-hala-el-said","tag-legislation-watch","tag-planning-ministry","tag-senate","wpautop","entry"],"acf":{"mongo_id":"9607ec71-47a7-4ad2-83f8-0928a0925dd4","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/258.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Senate approves FY 2023-24 development plan","related_issue":[588072],"teaser":"Government to control foreign borrowing, says planning minister","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.910cf112-3a6a-4db0-853b-54edf7d4ae55.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>Senate approves FY 2023-24 development plan - 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\/06\/06\/senate-approves-fy-2023-24-development-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate approves FY 2023-24 development plan\" \/>\n<meta property=\"og:description\" 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budget for next year","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\/2023\/5\/1703.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585042,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/10\/senate-receives-fy-2023-24-development-plan-discusses-recycling\/","url_meta":{"origin":588088,"position":1},"title":"Senate receives FY 2023-24 development plan, discusses recycling","author":"enterpriseam admin","date":"10 April 2023","format":false,"excerpt":"Gov\u2019t to increase development spending by more than half","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION 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In\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\/2022\/6\/senate-1600pxjpg.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588459,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/","url_meta":{"origin":588088,"position":3},"title":"MPs voice concern over public borrowing as budget debates kick off in the House","author":"enterpriseam admin","date":"12 June 2023","format":false,"excerpt":"Majority parties voiced their support for the budget","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\/2023\/6\/561.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/","url_meta":{"origin":588088,"position":4},"title":"No more grandstanding. And right in the nick of time.","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"MPs give the green light to FY 2022-2023 budget: The House of Representatives approved in a plenary session yesterday the state\u2019s budget for the upcoming fiscal year that begins in July. 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