{"id":598254,"date":"2019-05-20T04:03:47","date_gmt":"2019-05-20T04:03:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/"},"modified":"2019-05-20T04:03:47","modified_gmt":"2019-05-20T04:03:47","slug":"egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/","title":{"rendered":"Egypt expects subsidy spending to come in EGP 13 bn below budget in FY2018-2019"},"content":{"rendered":"

<\/a> EXCLUSIVE- FinMin expects subsidy spending to come in EGP 13 bn <\/b>below budget this fiscal year thanks to lower oil prices: <\/b>The Finance Ministry has revised downwards to EGP 315 bn from EGP 328 bn its total subsidy expenditure forecast for the current fiscal year, two senior officials told Enterprise. The downward revision comes as the average price of crude in the first six months of the current fiscal year fell below the USD 67 \/ bbl set in the budget.<\/p>\n

The drop in oil prices bolstered government finances, <\/b>allowing the Finance Ministry to offset higher wage costs<\/a> \u2014 which have been revised upward by EGP 4 bn to EGP 270 bn for 2H2018-2019 \u2014 and rising food prices. The need for additional borrowing has been reduced and the target for interest payments by the end of the fiscal year remains unchanged at EGP 541 bn. Lower oil prices also allowed the government to allocate EGP 88 bn for commodity spending during 2H2018-2019, or about EGP 1 bn more than originally budgeted.<\/p>\n

FinMin sets aside EGP 68.2 bn for \u2018rainy day\u2019 fund in FY2019-2020: <\/b>The ministry has for the first time set aside EGP 68.2 bn in contingency funds to hedge against the effect of any sudden upticks in global commodity prices or average interest rates in the FY2019-2020 budget, according to a document seen by Enterprise. The move comes as Egypt faces a substantial debt service burden. The funds include EGP 32.2 bn for energy subsidies and EGP 21.2 bn for public wages, with the remainder reserved for unexpected goods, services, or investment needs. \u201cThe provision [for a contingency fund of this size] is brand new,\u201d<\/b> a government official told us, pointing out that the government only set aside EGP 11 bn in the current fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- FinMin expects subsidy spending to come in EGP 13 bn below budget this fiscal year thanks to lower oil prices: The Finance Ministry has revised downwards to EGP 315 bn from EGP 328 bn its total subsidy expenditure forecast for the current fiscal year, two senior officials told Enterprise. The downward revision comes as […]<\/p>\n","protected":false},"author":1,"featured_media":598255,"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":[2653,7106,93,72,190,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budgeting","tag-debt","tag-energy","tag-enterpriseam","tag-social-welfare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1c9ca1f4-86ab-4a34-be59-38f2be7d35cd","is_powered_by":true,"section_story_id":"78ec8a49-f88d-40de-9b99-186c8010b5a3","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[598247],"teaser":"","voice_url":""},"yoast_head":"\nEgypt expects subsidy spending to come in EGP 13 bn below budget in FY2018-2019 - 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\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt expects subsidy spending to come in EGP 13 bn below budget in FY2018-2019\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- FinMin expects subsidy spending to come in EGP 13 bn below budget this fiscal year thanks to lower oil prices: The Finance Ministry has revised downwards to EGP 315 bn from EGP 328 bn its total subsidy expenditure forecast for the current fiscal year, two senior officials told Enterprise. The downward revision comes as […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-20T04:03:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt expects subsidy spending to come in EGP 13 bn below budget in FY2018-2019\",\"datePublished\":\"2019-05-20T04:03:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/\"},\"wordCount\":299,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budgeting\",\"debt\",\"energy\",\"EnterpriseAM\",\"social welfare\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/egypt-expects-subsidy-spending-to-come-in-egp-13-bn-below-budget-in-fy2018-2019\/\",\"name\":\"Egypt expects subsidy spending to come in EGP 13 bn below budget in FY2018-2019 - 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Fuel subsidy spending last year came in at EGP 85 bn, EGP 4 bn lower than the\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":569021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egypts-govt-records-budget-deficit-of-3-8-in-1h2019-20-report\/","url_meta":{"origin":598254,"position":1},"title":"Egypt\u2019s gov\u2019t records budget deficit of 3.8% in 1H2019-20- report","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"BUDGET WATCH- Gov\u2019t records budget deficit of 3.8% in 1H2019-2020: The Finance Ministry\u2019s semi-annual fiscal performance report showed a budget deficit of EGP 236.7 bn (3.8% of GDP) in the first half of FY2019-2020, compared to EGP 186.7 bn (3.6%) in July-December of FY2018-2019. Revenues for the period came at\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\/2\/146.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600845,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/","url_meta":{"origin":598254,"position":2},"title":"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"EXCLUSIVE- FinMin\u2019s draft FY2019-20 state budget sees spending at EGP 1.5 tn: The draft FY2019-20 state budget forecasts government spending at EGP 1.5 tn, a senior government official tells us. Public wages will account for EGP 294.9 bn of total spending, up from EGP 266 bn 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\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570945,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypt-nearly-halves-fuel-subsidy-spending-in-2020-2021-budget\/","url_meta":{"origin":598254,"position":3},"title":"Egypt nearly halves fuel subsidy spending in 2020-2021 budget","author":"enterpriseam admin","date":"23 April 2020","format":false,"excerpt":"FinMin nearly halves projected fuel subsidy spending in 2020-2021 budget: The Finance Ministry is allocating EGP 28.1 bn to subsidies for petroleum products in FY2020-2021, down by nearly half from EGP 52.9 bn in FY2019-2020 forecasts, according to figures obtained by Masrawy. Prior subsidy cuts, the collapse in global oil\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":591526,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/09\/egypts-fuel-subsidy-spending-falls-69-y-o-y-in-1q2019-2020\/","url_meta":{"origin":598254,"position":4},"title":"Egypt\u2019s fuel subsidy spending falls 69% y-o-y in 1Q2019-2020","author":"enterpriseam admin","date":"9 December 2019","format":false,"excerpt":"BUDGET WATCH- Fuel subsidy spending plunges in 1Q2019-2020: Government spending on fuel subsidies fell 69% y-o-y in 1Q2019-2020 to EGP 7.25 bn from EGP 23.25 bn in 1Q2018-2019, Oil Minister Tarek El Molla said yesterday, according to Reuters. Egypt has moved to gradually reduce fuel subsidy spending over the past\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":570413,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/","url_meta":{"origin":598254,"position":5},"title":"Government spending on health, education, wages and welfare is set to increase in FY2020-2021","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. Our math suggests government spending will increase 9% during the year in what Finance Minister Mohamed Maait called Egypt\u2019s\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\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598254","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=598254"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598254\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598255"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598254"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598254"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}