{"id":600845,"date":"2019-02-12T03:42:48","date_gmt":"2019-02-12T03:42:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/"},"modified":"2019-02-12T03:42:48","modified_gmt":"2019-02-12T03:42:48","slug":"finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/","title":{"rendered":"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>EXCLUSIVE- FinMin\u2019s draft FY2019-20 state budget sees spending at EGP 1.5 tn:<\/b> 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 year, which ends in June. On the flipside, the Finance Ministry expects spending on subsidies and social benefits to drop to EGP 312 bn, from EGP 332 bn on the back of subsidy cuts and the <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/08\/govt-to-implement-fuel-pricing-mechanism-on-95-octane-gasoline-in-2q2019\/\">fuel pricing mechanism<\/a> for 95 octane fuel that is expected to come into effect in April. Other highlights of the draft budget include:<\/p>\n<ul>\n<li>A <b>budget deficit<\/b> of 7% of GDP, or EGP 380-390 bn, down from 8.4% in the current fiscal year;<\/li>\n<li><b>Revenues<\/b> rising to EGP 1.1 tn, up from EGP 989 bn in the current fiscal year, on the back of tax revenues rising to a projected EGP 863 bn from EGP 770 bn this year;<\/li>\n<li><b>Investments in health, education, and housing<\/b> will clock in at around EGP 150 bn;<\/li>\n<li><b>Debt service<\/b> dropping to EGP 502 bn, down from EGP 541 bn currently, as the ministry begins implementing its <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/\">debt control strategy<\/a>;<\/li>\n<li>A <b>primary budget surplus<\/b> of EGP 122 bn.<\/li>\n<\/ul>\n<p><b>The Finance Ministry expects GDP growth accelerate to 6.2% in FY2019-20<\/b>, it said earlier this week in its <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/11\/government-reviews-fx-rate-oil-price-at-2018-2019-budget\/\">mid-year review of the FY2018-19 budget<\/a>. The ministry also said it expects the average price of a barrel of oil to come in at USD 67 in FY2019-20.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 year, which ends in June. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":600846,"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":[72,276,2380,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-speed-round","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"68f64782-e4b5-4e10-b6cc-93f024355929","is_powered_by":true,"section_story_id":"bfe9a0b2-15c8-4422-a72b-c64c48f86b50","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[600837],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget - 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\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget\" \/>\n<meta property=\"og:description\" content=\"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 year, which ends in June. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-12T03:42:48+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\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget\",\"datePublished\":\"2019-02-12T03:42:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\"},\"wordCount\":252,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"SPEED ROUND\",\"state budget\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\",\"name\":\"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget - 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Public wages will account for EGP 294.9 bn of total spending, up from EGP 266 bn in the current fiscal year, which ends in June. 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The House needs to receive the draft at least 90 days before the start of the fiscal year on 1 July to have it signed into\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\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598082,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/14\/egypt-caps-fy2019-20-state-spending-at-egp-1-tn\/","url_meta":{"origin":600845,"position":1},"title":"Egypt caps FY2019-20 state spending at EGP 1 tn","author":"enterpriseam admin","date":"14 May 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t caps FY2019-20 public spending at EGP 1 tn: The government has placed a EGP 1.01 tn cap on public spending in FY2019-20 in a bid to hit its deficit- and debt-reduction targets, two government sources told Enterprise. The cap is equivalent to spending forecasts stated in the draft\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\/2019\/5\/750.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602984,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/11\/govt-to-increase-education-health-and-comms-spending-in-fy2019-20\/","url_meta":{"origin":600845,"position":2},"title":"Gov\u2019t to increase education, health and comms spending in FY2019-20","author":"enterpriseam admin","date":"11 April 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t to increase spending on health, education and financial inclusion next fiscal year: The draft FY2019-20 state budget is increasing the government\u2019s allocations for education and health and should meet the constitutionally mandated 10% of GDP spending requirement for these sectors, a government source told Enterprise. The budget for\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":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":600845,"position":3},"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 &quot;BUDGET WATCH&quot;","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":[]},{"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":600845,"position":4},"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":598131,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/govt-rolls-out-egp-2-5-bn-for-education-ministry-to-pay-off-urgent-loans\/","url_meta":{"origin":600845,"position":5},"title":"Gov\u2019t rolls out EGP 2.5 bn for Education Ministry to pay off urgent loans","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"BUDGET WATCH- The Finance Ministry has agreed to a EGP 2.5 bn increase in the Education Ministry\u2019s FY2019-20 budget allocation to pay off \u201curgent\u201d loans, House Planning and Budgeting Committee Chair Yasser Omar tells the local press. The two ministries will study making available EGP 8.5 bn for the ministry\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\/600845","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=600845"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600845\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600846"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600845"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600845"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}