{"id":600794,"date":"2019-02-11T04:46:23","date_gmt":"2019-02-11T04:46:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/government-reviews-fx-rate-oil-price-at-2018-2019-budget\/"},"modified":"2019-02-11T04:46:23","modified_gmt":"2019-02-11T04:46:23","slug":"government-reviews-fx-rate-oil-price-at-2018-2019-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/government-reviews-fx-rate-oil-price-at-2018-2019-budget\/","title":{"rendered":"Government reviews FX rate, oil price at 2018\/2019 budget"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>FinMin sees growth accelerating, forecasts weaker average EGP exchange rate this fiscal year, will budget for oil at USD 67 \/ bbl for next year: <\/b>The Finance Ministry revised its expected average USD:EGP exchange rate for the current (2018-19) fiscal year ending in June to EGP 18 to the greenback against an earlier forecast of EGP 17.25, the ministry said in its<a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/budget2018-2019\/Mid-year-Review-2018-2019.pdf\">mid-year review of the FY2018-19 budget (pdf)<\/a>. It also said it expects average yields on Egyptian treasury bills and bonds this fiscal year to come in at 18.6% against a forecast of 14.7%.<\/p>\n<p><b>Some relief on the oil price front: <\/b>The Finance Ministry now says that it expects the average price of a barrel of oil to come in at USD 74 in the current fiscal year and is forecasting USD 67 \/ bbl for 2019-2020.<\/p>\n<p><b>How this all feeds into the budget: <\/b>Every USD 1 \/ bbl increase above the expected oil price will cost the government EGP 2.3 bn. Meanwhile, the government will see costs rise EGP 3 bn for every EGP 1 the pound weakens against the greenback, the ministry said.<\/p>\n<p><b>Economic growth seen accelerating: <\/b>The FinMin raised its target for GDP growth to 6.2% in 2019-20 from 6.0% previously and is leaving its target for the current fiscal year unchanged at 5.8%.<\/p>\n<p><b>The Finance Ministry sees the budget deficit falling <\/b>consistently in the years to come:<\/p>\n<ul>\n<li>8.4% in 2018-19<\/li>\n<li>7.1% in 2019-20<\/li>\n<li>5.8% in 2020-21<\/li>\n<li>4.0% in 2021-22<\/li>\n<\/ul>\n<p><b>What about debt, unemployment? <\/b>The Finance Ministry is targeting an unemployment rate of 7-8% in the medium term and sees debt at about 83.1% of GDP by June 2021.<\/p>\n<p><b>Spending on health, education, subsidies is up: <\/b>In the first half of the 2018-19 fiscal year, the state saw its total expenditure on education rise by 20.5%. It spent 27.2% more on healthcare and saw its bill for fuel subsidies rise just under 14% to EGP 30.2 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FinMin sees growth accelerating, forecasts weaker average EGP exchange rate this fiscal year, will budget for oil at USD 67 \/ bbl for next year: The Finance Ministry revised its expected average USD:EGP exchange rate for the current (2018-19) fiscal year ending in June to EGP 18 to the greenback against an earlier forecast of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":600795,"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":[279,104,72,1666,348,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-watch","tag-economy","tag-enterpriseam","tag-exchange-rate","tag-gdp","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"de471ea1-4278-4400-a3df-59a351854b9a","is_powered_by":true,"section_story_id":"d3821db8-ca36-4f15-a166-1adfe3dd0d78","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[600788],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The government is targeting GDP growth of 6% in its next fiscal year, up from 5.5% this fiscal year. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":630652,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/29\/finance-ministry-not-planning-to-amend-budget-to-reflect-increase-in-global-oil-prices\/","url_meta":{"origin":600794,"position":2},"title":"Finance Ministry not planning to amend budget to reflect increase in global oil prices","author":"enterpriseam admin","date":"29 April 2018","format":false,"excerpt":"EXCLUSIVE- And speaking of FX stability: The next state budget assumes an average exchange rate of EGP 17.25 to the greenback, Vice Minister of Finance Mohamed Maait tells us. The proposed budget is currently with the House of Representatives for discussion. Our refresher on the proposed budget is here. Finance\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":600794,"position":3},"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 &quot;Speed Round&quot;","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":[]},{"id":621897,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/egypts-budget-deficit-narrowed-to-1-9-in-1q18-19\/","url_meta":{"origin":600794,"position":4},"title":"Egypt\u2019s budget deficit narrowed to 1.9% in 1Q18-19","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"Egypt\u2019s budget deficit narrowed slightly to 1.9% during the first quarter of FY2018-19, down from 2% during the same period in the last fiscal year, Finance Minister Mohamed Maait said, according to Reuters. Maait said the narrowing of the deficit indicates that Egypt is on track to meet its budget\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":630174,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/govt-budget-bridging-is-out-sees-inflation-dropping-to-low-of-10-in-fy2018-19\/","url_meta":{"origin":600794,"position":5},"title":"Gov\u2019t budget bridging is out, sees inflation dropping to low of 10% in FY2018-19","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"BUDGET WATCH- Government sees inflation dropping to low of 10% in FY2018-19: The Finance Ministry issued its pre-budget report for FY2018-19 on Friday (pdf) in which it outlines the broad strokes of the budget and its priorities for the economy and public spending. The government is predicting that inflation will\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/600794","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=600794"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600794\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600795"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600794"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600794"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}