{"id":588459,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/"},"modified":"2023-06-12T00:00:00","modified_gmt":"2023-06-12T00:00:00","slug":"mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/","title":{"rendered":"MPs voice concern over public borrowing as budget debates kick off in the House"},"content":{"rendered":"

<\/span>Debt in focus as House debates FY 2023-24 budget:<\/span> Our elected representatives <\/span>kicked off the first day of debates over the FY 2023-2024 budget on Sunday, with some MPs raising concerns over high levels of foreign borrowing. <\/span><\/p>\n

Opposition parties oppose high borrowing: <\/span>The Egyptian Socialist Democratic Party and the liberal Reform and Development Party said they would reject the budget and the social and economic development plan because they don\u2019t include a long-term plan to cut back on foreign borrowing. Reform and Development Party Spokesperson Ayman Abul Ela also said the budget didn\u2019t allocate enough to education and health spending. Egyptian Socialist Democratic Party Spokesperson Ihab Mansour went as far as to call on MPs to withdraw their confidence in Prime Minister Moustafa Madbouly\u2019s government over its handling of the economic crisis. <\/span><\/p>\n

Some independents also had concerns over debt: <\/span>Independent MP Mohamed Abdelaziz said that \"MPs have repeatedly called upon the government to restrict foreign borrowing to cut debt servicing, but our calls usually<\/span> go to no avail,\u201d<\/span> adding that too much of taxpayers\u2019 money is spent on debt servicing. <\/span>Chair of the House Planning and Budgeting Committee Fakhry El Fiqi also warned of the risk of excessive borrowing at a time of high interest rates globally, pointing out that the state will spend some EGP 1.12 tn \u2014 or 37% of total spending \u2014 on debt servicing next fiscal year. <\/span><\/p>\n

Majority parties struck a more positive note: <\/span>The three majority political parties \u2014 <\/span>Mostaqbal Watan, Protectors of the Nation (Homat El Watan), and the Republican People\u2019s Party \u2014 all voiced their approval of the budget and development plan, saying it balances support for the most vulnerable in society with fiscal discipline. <\/span><\/p>\n

REMEMBER- Overall spending is set to rise 34% y-o-y to EGP 2.99 tn in FY 2023-24. <\/span>While debt servicing is the single biggest component of that, <\/span>the budget<\/a><\/span> also lays out increased spending on social safety programs and subsidies, as well as on wages, commodity purchases, social support, public investment, education and health. The Madbouly cabinet is targeting a 7% budget deficit next fiscal year, down from a projected 8% this fiscal year. <\/span><\/p>\n

What\u2019s next:<\/span> MPs will continue to debate the budget and development plan through to Tuesday when a final vote could be held. <\/span>The Senate <\/span>approved<\/a><\/span> the FY 2023-24 development plan last week.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Majority parties voiced their support for the budget<\/p>\n","protected":false},"author":1,"featured_media":588460,"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":[279,104,72,276,274,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"6149ee70-9d1a-4ad9-9e23-982ac15c3984","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/561.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egyptian MPs voice concern over high borrowing in FY 2023-24 budget","related_issue":[588450],"teaser":"Majority parties voiced their support for the budget","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.5516ae38-0e30-4b06-95ee-d3d53ae0f0a8.mp3"},"yoast_head":"\nMPs voice concern over public borrowing as budget debates kick off in the House - 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Representatives from various parties voiced their concerns that\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\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622294,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/mps-gave-their-final-approval-to-next-fiscal-years-budget\/","url_meta":{"origin":588459,"position":2},"title":"MPs gave their final approval to next fiscal year\u2019s budget","author":"enterpriseam admin","date":"4 June 2024","format":false,"excerpt":"Finance Minister Mohamed Maait confirms there won\u2019t be any tax hikes next FY.","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588088,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/senate-approves-fy-2023-24-development-plan\/","url_meta":{"origin":588459,"position":3},"title":"Senate approves FY 2023-24 development plan","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Government to control foreign borrowing, says planning minister","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\/2023\/6\/258.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":588459,"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. The final spending plan passed yesterday is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala\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\/6\/269.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547315,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/spend-more-on-education-in-fy-2022-2023-says-senate\/","url_meta":{"origin":588459,"position":5},"title":"Spend more on education in FY 2022-2023, says Senate","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"The Senate wants the government to up its education spend in the coming fiscal year: The Senate Financial and Economic Affairs Committee has recommended the government allocate another EGP 2.5 bn to education in FY 2022-2023, Yasser Omar, deputy chair of the House Budget and Planning Committee, said yesterday. In\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\/6\/senate-1600pxjpg.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588459","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=588459"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588459\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/588450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588460"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588459"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588459"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}