{"id":598689,"date":"2019-06-02T04:00:39","date_gmt":"2019-06-02T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/"},"modified":"2019-06-02T04:00:39","modified_gmt":"2019-06-02T04:00:39","slug":"finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/","title":{"rendered":"FinMin to set new medium-term economic targets as global macro headwinds build"},"content":{"rendered":"

<\/a> EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build:<\/b> 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 Enterprise.<\/p>\n

It\u2019s a tough pill to swallow<\/b>, but acknowledging the headwinds reflects maturity on the part of policymakers. Among the highlights:<\/p>\n

GDP growth:<\/b> The ministry could revise downward its forecasts for GDP growth for FY2020-2021 to 6.5%, down from an initially forecasted 7.2%. GDP growth is expected to reach 7% in FY2021-2022, according to the amended targets. The ministry had previously also cut its expectations for GDP growth in the current fiscal year to 5.6% from 5.8%<\/a>, and the upcoming fiscal year to 6%<\/a> from an initial 6.5%.<\/p>\n

Interest rates and oil prices:<\/b> The ministry is working with the assumption that interest rates will remain high at 15.5% in FY2019-2020, after initially expecting the Central Bank of Egypt to cut rates to an average of 10.7%. The ministry now sees rates averaging 11.5% in FY2020-2021 and 10% in FY2021-2022. It is also budgeting for oil at USD 68 per barrel in FY2020-2021.<\/p>\n

Inflation:<\/b> The ministry expects inflation to cool to an average of 10.5% in FY2019-2020 (up from an earlier projection of 9.7%) and to continue declining over the following two years to 9.1% in FY2020-2021 (previous forecast: 7.1%) and 8% in FY2021-2022.<\/p>\n

Budget deficit:<\/b> Egypt\u2019s budget deficit is now expected to narrow to 6.2% of GDP in FY2020-2021 and 4.8% in FY2021-2022, according to the ministry\u2019s revised projections. Initial forecasts had set a budget deficit target of 5% for FY2020-2021. The budget deficit is expected to hit 7.2% of GDP in the next fiscal year, the Finance Ministry said in its draft state budget<\/a>.<\/p>\n

Public debt<\/b> is expected to reach 84.8% of GDP in FY2020-2021, up from a previous forecast of 80%. The ministry is looking to further narrow debt levels to 79.4% by FY2021-2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Enterprise. It\u2019s a tough pill […]<\/p>\n","protected":false},"author":1,"featured_media":598690,"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":[864,7106,104,115,72,276,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-deficit","tag-debt","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-finance-ministry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d8b1dfd9-2817-4787-859a-fb8df8247a4d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[598684],"teaser":"","voice_url":""},"yoast_head":"\nFinMin to set new medium-term economic targets as global macro headwinds build - 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\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin to set new medium-term economic targets as global macro headwinds build\" \/>\n<meta property=\"og:description\" content=\"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 Enterprise. 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but more conservative GDP growth estimate, for FY2020-2021: The Finance Ministry is expecting Egypt\u2019s public debt levels to drop to 80% of GDP during the next fiscal year \u2014 a more ambitious goal than the ministry had announced in June, Minister Mohamed\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":582909,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/growth-slows-in-2q-2022-2023\/","url_meta":{"origin":598689,"position":1},"title":"Growth slows in 2Q 2022-2023","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"The economy expanded at a 8.3% clip in the same period last year","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Cairo-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569416,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/finmin-to-cut-debt-to-gdp-ratio-to-79-next-fiscal-year-maait\/","url_meta":{"origin":598689,"position":2},"title":"FinMin to cut debt-to-GDP ratio to 79% next fiscal year -Maait","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"BUDGET WATCH- FinMin adopts more ambitious debt-to-GDP targets in coming fiscal year: The Finance Ministry will aim to lower Egypt\u2019s debt-to-GDP ratio to 79% during FY2020-2021, Minister Mohamed Maait said on the sidelines of a conference yesterday, Hapi Journal reports. The new figure is more ambitious than targets announced in\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":596003,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/18\/finmin-eyes-more-ambitious-debt-to-gdp-ratio-targets-for-egypt-within-three-years\/","url_meta":{"origin":598689,"position":3},"title":"FinMin eyes more ambitious debt-to-GDP ratio targets for Egypt within three years","author":"enterpriseam admin","date":"18 August 2019","format":false,"excerpt":"FinMin eyes more ambitious debt-to-GDP ratio targets within three years: The Finance Ministry is planning to reduce Egypt\u2019s debt-to-GDP ratio to pre-2011 levels of 77.5% by the end of FY2021-2022, according to a ministry statement. This is lower than the previous target announced in March, which aimed to reduce debt\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\/2019\/1\/185.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599786,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/","url_meta":{"origin":598689,"position":4},"title":"Finance Ministry drafts \u201cmore realistic\u201d comprehensive debt strategy, raises Egypt\u2019s public debt targets","author":"enterpriseam admin","date":"10 January 2019","format":false,"excerpt":"EXCLUSIVE- FinMin completes drafting \u201cmore realistic\u201d comprehensive debt control strategy, raises public debt targets: The Finance Ministry has completed drafting a comprehensive debt control strategy spanning the next four years, in which it targets bringing down Egypt\u2019s public debt to 80-85% of GDP by the end of FY2021-22, a senior\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\/2018\/9\/415.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582148,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/govt-to-miss-deficit-debt-targets-on-higher-rates-import-bill\/","url_meta":{"origin":598689,"position":5},"title":"Gov\u2019t to miss deficit, debt targets on higher rates, import bill","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"Egypt is now predicting a debt level of 93.0% of GDP by June 2023","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Finance-Ministry-1600.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\/598689","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=598689"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598689\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598690"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598689"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598689"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}