{"id":594687,"date":"2019-09-04T03:56:24","date_gmt":"2019-09-04T03:56:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/"},"modified":"2019-09-04T03:56:24","modified_gmt":"2019-09-04T03:56:24","slug":"egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/","title":{"rendered":"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait"},"content":{"rendered":"

<\/a> Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait:<\/b> Egypt is set to complete its economic reform program soon, and the country\u2019s improved macroeconomic indicators and better-than-expected fiscal performance in FY2018-2019 confirm that the reforms are on the right track, Finance Minister Mohamed Maait said yesterday at a gathering organized by the Canadian-Egyptian Business Council (CEBC). The ministry is eyeing a primary budget surplus in FY2019-2020 of EGP 124 bn, the minister said. Previous Finance Ministry figures<\/a> had indicated that the government\u2019s budget surplus target for the current fiscal year was set at EGP 149 bn. Maait confirmed that the state achieved a primary budget surplus of EGP 104 bn, or 2% of GDP, in FY2018-2019, the proceeds of which will be used to pay off Egypt\u2019s debts. Reuters also had the story<\/a>.<\/p>\n

Two more years until the average citizen feels positive impact of reforms:<\/b> Maait said that Egypt will soon complete its phase of economic reform, the positive results of which will trickle down to citizens in two years\u2019 time. The impact will be most significant in public wages, as well as education and health services, the minister said. The government is hoping to triple budget allocations for health and education by 2022, which will be achievable once the state\u2019s debt burden has been reduced, according to the minister.<\/p>\n

The government is planning to bring Egypt\u2019s average debt maturity to five years within two years\u2019 time<\/b>, up from an average of four years currently, Maait said, according to the local press<\/a>. The ministry began in March<\/a> implementing its comprehensive debt reduction strategy<\/a>, which initially aimed to reduce debt to 80% of GDP by 2022, but was amended last month<\/a> to set a more ambitious target of bringing the debt-to-GDP ratio down to 77.5% by the end of FY2021-2022. The strategy relies largely on a gradual shift toward longer-term debt and diversifying its debt instruments.<\/p>\n

Tax policy stability is the order of the day:<\/b> The government is not looking to make changes to its tax policy or rates, and is trying to ensure the state\u2019s overall tax framework supports the improvement of the country\u2019s business climate, Maait said at the gathering, according to Al Mal<\/a>. He noted that taxes comprise around 14% of the state\u2019s annual income.<\/p>\n

The government will be able to repay EGP 1.336 tn owed to pensioners within seven years<\/b>, and is planning to pay EGP 160.5 bn to pension funds during the current fiscal year, with that figure set to increase to EGP 170 bn, EGP 192 bn, EGP 213 bn, and EGP 230 bn over the coming four fiscal years, the minister said. Maait had met yesterday with Social Solidarity Minister Ghada Wali to discuss the process of disbursing pension payments, according to Al Mal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait: Egypt is set to complete its economic reform program soon, and the country\u2019s improved macroeconomic indicators and better-than-expected fiscal performance in FY2018-2019 confirm that the reforms are on the right track, Finance Minister Mohamed Maait said yesterday at a gathering organized by […]<\/p>\n","protected":false},"author":1,"featured_media":594688,"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":[2415,72,276,277,190,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economic-reform-program","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-social-welfare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d8769cbc-801d-48b1-bb4d-efa38afb3bbb","is_powered_by":true,"section_story_id":"1089335a-f7cd-46be-8978-5d36a4f66578","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/292.jpg","photo_position":"above","related_issue":[594680],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait - 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\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait: Egypt is set to complete its economic reform program soon, and the country\u2019s improved macroeconomic indicators and better-than-expected fiscal performance in FY2018-2019 confirm that the reforms are on the right track, Finance Minister Mohamed Maait said yesterday at a gathering organized by […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-04T03:56:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/292.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait\",\"datePublished\":\"2019-09-04T03:56:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/\"},\"wordCount\":478,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/292.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economic reform program\",\"EnterpriseAM\",\"Finance Ministry\",\"Mohamed Maait\",\"social welfare\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/egypts-reform-program-is-nearly-over-as-fy2018-2019-results-show-fiscal-improvements-maait\/\",\"name\":\"Egypt\u2019s reform program is nearly over as FY2018-2019 results show fiscal improvements -Maait - 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The figure translates to around 0.2% of GDP, Finance Minister Mohamed Maait told\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":596631,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/el-sisi-madbouly-maait-recap-egypts-economic-performance-in-fy2018-2019\/","url_meta":{"origin":594687,"position":1},"title":"El Sisi, Madbouly, Maait recap Egypt\u2019s economic performance in FY2018-2019","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"The government met its 8.4% budget deficit and 2% primary budget surplus targets in FY2018-2019, which ended on Sunday, according to an Ittihadiya statement out following a meeting between President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, and Finance Minister Mohamed Maait. The economy grew at a 5.6% clip,\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":621999,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-is-on-track-to-record-a-2-primary-budget-surplus-in-fy2018-19-says-maait\/","url_meta":{"origin":594687,"position":2},"title":"Egypt is on track to record a 2% primary budget surplus in FY2018-19, says Maait","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"Egypt is on track to record a 2% primary budget surplus in FY2018-19 as state revenues rose more than 35% y-o-y during the first quarter of the fiscal year, outpacing nearly 29% growth in state expenditures in the same period, Finance Minister Mohamed Maait said in a statement (pdf). Tax\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":597906,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/08\/finmin-gives-update-on-fiscal-performance-as-the-imf-arrives-in-cairo\/","url_meta":{"origin":594687,"position":3},"title":"FinMin gives update on fiscal performance as the IMF arrives in Cairo","author":"enterpriseam admin","date":"8 May 2019","format":false,"excerpt":"FinMin gives update on fiscal performance as the IMF arrives in Cairo: The budget deficit shrank to 5.3% of GDP in the first nine months of FY2018-19, compared to 6.2% in the same period a year earlier, Finance Minister Mohamed Maait announced in a press conference yesterday, according to a\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":630597,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/finance-ministry-expects-inflation-rate-to-rise-in-july\/","url_meta":{"origin":594687,"position":4},"title":"Finance Ministry expects inflation rate to rise in July","author":"enterpriseam admin","date":"26 April 2018","format":false,"excerpt":"EXCLUSIVE- Finance Ministry expects inflation to \u201cslightly\u201d and temporarily rise in July: The inflation rate could increase fractionally in July due to \u201ca number of economic policies,\u201d Vice Minister of Finance Mohamed Maait told Enterprise on Tuesday. While Maait declined to get into specifics, our take is that he was\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":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":594687,"position":5},"title":"Egypt misses revenue targets thanks to pandemic, but expenses are down, too","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Egypt recorded a budget deficit of EGP 462 bn \u2014 or 7.9% of GDP \u2014 in FY2019-2020, according to Finance Ministry figures (pdf) published this weekend. The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\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\/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\/594687","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=594687"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594687\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594688"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594687"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594687"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}