{"id":592909,"date":"2019-11-12T04:21:15","date_gmt":"2019-11-12T04:21:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/finance-ministry-eyes-6-4-growth-in-fy-2020-2021\/"},"modified":"2019-11-12T04:21:15","modified_gmt":"2019-11-12T04:21:15","slug":"finance-ministry-eyes-6-4-growth-in-fy-2020-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/finance-ministry-eyes-6-4-growth-in-fy-2020-2021\/","title":{"rendered":"Finance Ministry eyes 6.4% growth in FY 2020-2021"},"content":{"rendered":"

<\/a> BUDGET WATCH- FinMin says it\u2019s targeting 6.4% growth, 6.2% deficit next fiscal <\/strong>year:<\/strong> The Finance Ministry is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year, according to the ministry\u2019s preliminary budget statement announced by cabinet yesterday<\/a>. Local press reports had suggested last week<\/a> that the ministry would pencil in 6.5% growth in next fiscal year\u2019s budget, after initially forecasting GDP growing at a 7.2% clip. The ministry is also planning to narrow the overall budget deficit to 6.2% in FY2020-2021, from an expected 7.2% this fiscal year. On the public debt front, the ministry is expecting Egypt\u2019s debt-to-GDP ratio to drop to 80%, as last week\u2019s press reports had indicated.<\/p>\n

How does this compare to current figures?<\/strong> Egypt\u2019s economy grew by 5.6% in 1Q2019-2020<\/a>. Economists polled by Reuters<\/a> are expecting growth to come in at 5.7% in the next (2020-2021) fiscal year. The debt-to-GDP ratio stands at 90%, falling from a targeted 93%<\/a> in FY2018-2019, while the deficit fell below the government\u2019s target of 8.4% for the current fiscal year.<\/p>\n

The ministry also plans to hold \u201cnational dialogue\u201d<\/strong> (government-speak for consultations with a range of stakeholders) to talk about issues including cross-border trade, customs reforms, and accelerating spending on healthcare, education, and social housing, according to the statement.<\/p>\n

The ministry was also out with its monthly report for September yesterday. <\/strong>Among the highlights were a slight improvement in y-o-y fiscal performance between July and August, a period during which the budget deficit was down to 1.3% of GDP from 1.6% in the same period last year. The ministry also achieved a primary budget surplus of EGP 2.3 bn in the period, up from EGP 1.9 bn in the corresponding two months of last year. Total revenues also grew at a faster pace (6.5% y-o-y) than total expenses (0.6%). Al Shorouk<\/a> has a neat roundup of the key figures. You can also visit the report\u2019s landing page here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

BUDGET WATCH- FinMin says it\u2019s targeting 6.4% growth, 6.2% deficit next fiscal year: The Finance Ministry is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year, according to the ministry\u2019s preliminary budget statement announced by cabinet yesterday. Local press reports had suggested last week that the ministry […]<\/p>\n","protected":false},"author":1,"featured_media":592910,"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":[8572],"tags":[864,7106,3822,104,73,72,348,7115,2380,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-deficit","tag-debt","tag-draft-budget","tag-economy","tag-education","tag-enterpriseam","tag-gdp","tag-healthcare","tag-speed-round","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"57ec448f-80bf-41c4-bdd1-41688c16ff10","is_powered_by":true,"section_story_id":"f97ae661-ab97-443f-8391-93395be042fc","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[592902],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry eyes 6.4% growth in FY 2020-2021 - 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\/2019\/11\/12\/finance-ministry-eyes-6-4-growth-in-fy-2020-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry eyes 6.4% growth in FY 2020-2021\" \/>\n<meta property=\"og:description\" content=\"BUDGET WATCH- FinMin says it\u2019s targeting 6.4% growth, 6.2% deficit next fiscal year: The Finance Ministry is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year, according to the ministry\u2019s preliminary budget statement announced by cabinet yesterday. 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These entities\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591466,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/08\/finmin-aims-to-cut-government-spending-by-6-5-next-fiscal-year\/","url_meta":{"origin":592909,"position":1},"title":"FinMin aims to cut government spending by 6.5% next fiscal year","author":"enterpriseam admin","date":"8 December 2019","format":false,"excerpt":"BUDGET WATCH- FinMin aims to cut government spending by 6.5% next fiscal year: The Finance Ministry is projecting a 6.5% y-o-y reduction in government spending in the FY2020-2021 budget, according to a ministry statement. The ministry was mute on where the cuts to spending could come, and the expected trimming\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/","url_meta":{"origin":592909,"position":2},"title":"FinMin to set new medium-term economic targets as global macro headwinds build","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build: The Finance Ministry is on track to specify \u201cmore realistic\u201d medium-term targets for Egypt\u2019s key macro indicators in light of a challenging outlook for global growth and volatility in emerging markets, according to official documents seen by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567298,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/19\/new-budget-act-is-ready-for-cabinet-approval\/","url_meta":{"origin":592909,"position":3},"title":"New Budget Act is ready for cabinet approval","author":"enterpriseam admin","date":"19 January 2020","format":false,"excerpt":"BUDGET WATCH- New Budget Act ready for cabinet approval: The Finance Ministry has finalized drafting a new Budget Act and will send it to the cabinet today for approval before being submitted to the House of Representatives, minister Mohamed Maait was quoted by Al Mal as saying. The new act\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/635.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569988,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/15\/el-sisi-reviews-draft-fy2020-2021-budget\/","url_meta":{"origin":592909,"position":4},"title":"El Sisi reviews draft FY2020-2021 budget","author":"enterpriseam admin","date":"15 March 2020","format":false,"excerpt":"BUDGET WATCH- President Abdel Fattah El Sisi reviewed the FY2020-2021 draft budget with senior cabinet ministers yesterday, an Ittihadiya statement said. Largely in line with previous estimates, its projections include a primary budget surplus of 2%, a budget deficit of 6.2% of GDP, down from 7.2% in the current fiscal\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570765,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/finmin-leaves-fy2020-2021-gdp-growth-figures-unchanged-from-pre-covid-expectations\/","url_meta":{"origin":592909,"position":5},"title":"FinMin leaves FY2020-2021 GDP growth figures unchanged from pre-covid expectations","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"BUDGET WATCH- In a climate of global uncertainty, the Finance Ministry is leaving its projection for FY2020-2021 GDP growth unchanged for the moment, suggesting the figure will come in at 4.5%, according to the draft budget (pdf) released yesterday. The document makes explicit that the ministry will revisit its growth\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592909","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=592909"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592909\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592910"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592909"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592909"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}