{"id":588541,"date":"2023-06-13T00:00:00","date_gmt":"2023-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/13\/fy-2023-24-budget-passes-the-house\/"},"modified":"2023-06-13T00:00:00","modified_gmt":"2023-06-13T00:00:00","slug":"fy-2023-24-budget-passes-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/13\/fy-2023-24-budget-passes-the-house\/","title":{"rendered":"FY 2023-24 budget passes the House"},"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\">That\u2019s a wrap on the budget:<\/span><span style=\"\"> The House of Representatives yesterday gave its fina<\/span><span style=\"font-weight:400;\">l approval to the FY 2023-2024 budget and socioeconomic development plan after just two days of debate. Majority parties Mostaqbal Watan and Protectors of the Nation (Homat El Watan) \u2014 who together hold more than 350 of the chamber\u2019s 596 seats \u2014 voted in favor of both the budget and the plan. <\/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\">Approval among MPs was not unanimous: <\/span><span style=\"\">Wafd Party spokesman Mohamed Abdel Alim Daoud and Justice Party chair Abdel Moneim Imam yesterday said they were rejecting the budget, criticizing its \u201cexcessive borrowing.\u201d Two other opposition parties,  the Egyptian Socialist Democratic Party and the Reform and Development Party, had rejected the budget on the first day of the debate on the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6149ee70-9d1a-4ad9-9e23-982ac15c3984\" style=\"\">same grounds<\/a><\/span><span style=\"font-weight:400;\">. Several independent MPs also took to the floor yesterday to criticize the government for its wider handling of the economic crisis \u2014- with independent rep Mahmoud Badr saying the cost of living crisis meant that affording foods like red meat had become a \u201cdream\u201d for most people.  <\/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- The debt issue has made next year\u2019s budget a controversial one among lawmakers. <\/span><span style=\"\">Gov\u2019t spending is set to rise <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13f3c00c-17fb-4318-aa0e-219d887c5eca\" style=\"\">34% y-o-y in FY 2023-24<\/a><\/span><span style=\"font-weight:400;\">, with debt servicing marking the single biggest component of that. Amid a cost of living crisis, the government is also upping 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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Maait responded to critics: <\/span><span style=\"\">Finance Minister Mohamed Maait defended the budget to MPs at the end of the debate, pointing to the \u201cexceptional\u201d global economic challenges created by a high-inflation, high-rate environment in the wake of the Russia-Ukraine war. Interest rates on government borrowing have more than doubled to some 24%, Maait said. \u201cWe expect inflation and interest rates to drop at the end of the current year and when this happens we will do our best to make sure that society reaps the benefits,\u201d he said.<\/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\">FinMin has more in the pipeline to boost fiscal discipline: <\/span><span style=\"\">Maait said the executive regulations of the Unified Budget Act would be issued within weeks, after they\u2019ve been reviewed by the IMF and other authorities. The bill, which was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/167c6aaf-a05f-4942-be61-e7dfb4d72673\" style=\"\">ratified last year<\/a><\/span><span style=\"font-weight:400;\">, requires the government to present an annual medium-term budgetary and fiscal strategy to the House and set spending limits for each ministry. A cabinet committee is also working on turning around several loss-making government entities including the National Railway Authority, the National Media Authority, and the National Tunnels Authority, Maait added. <\/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\">What\u2019s next?<\/span><span style=\"\"> The budget will now be sent to President Abdel Fattah El Sisi to ratify. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Unified Budget Act exec regs to be issued \u201cwithin weeks,\u201d says Maait<\/p>\n","protected":false},"author":1,"featured_media":588542,"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":[279,104,72,276,274,187,678],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588541","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","tag-planning-ministry","wpautop","entry"],"acf":{"mongo_id":"9a1d350d-578b-45d8-a752-b1dadbf9ae9a","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/641.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egyptian MPs give their final approval to FY 2023-24 budget, development plan","related_issue":[588536],"teaser":"PLUS: Unified Budget Act exec regs to be issued \u201cwithin weeks,\u201d says Maait","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.9e63a07f-2f90-4c2c-8540-74f1cb38a0e7.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>FY 2023-24 budget passes the House - 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\/13\/fy-2023-24-budget-passes-the-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FY 2023-24 budget passes the House\" \/>\n<meta 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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":545938,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/18\/house-planning-committee-to-review-2022-2023-draft-budget\/","url_meta":{"origin":588541,"position":4},"title":"House Planning Committee to review 2022-2023 draft budget","author":"enterpriseam admin","date":"18 April 2022","format":false,"excerpt":"The House of Representatives voted in plenary session yesterday to send the draft FY 2022-2023 budget to the budget and planning committee, Youm7 reports.The FY 2022-2023 budget was recently restructured to \u201creassess priorities\u201d after the Ukraine conflict shook global commodity markets and hit state finances. 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