{"id":602466,"date":"2019-03-28T04:00:26","date_gmt":"2019-03-28T04:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/"},"modified":"2019-03-28T04:00:26","modified_gmt":"2019-03-28T04:00:26","slug":"cabinet-signs-off-on-egypts-fy2019-20-state-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/","title":{"rendered":"Cabinet signs off on Egypt\u2019s FY2019-20 state budget"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> CABINET WATCH- Council of Ministers signs off on FY2019-20 state budget:<\/b> Cabinet approved yesterday the draft FY2019-20 state budget, Prime Minister Moustafa Madbouly, Finance Minister Mohamed Maait, and Planning Minister Hala El Said told reporters yesterday, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1382249\">according to Al Masry Al Youm<\/a>. The ministers said spending priorities include improving the quality of public services, shoring up the social safety net, and creating jobs. The total size of the budget was not disclosed, but a senior government official had <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/\">previously told Enterprise<\/a> that the draft budget sees spending at EGP 1.5 tn. Other confirmed projections:<\/p>\n<ul>\n<li><b>GDP growth<\/b> registering 6% by June 2020;<\/li>\n<li><b>Budget deficit<\/b> of 7.2% of GDP, down from 8.4% in the current fiscal year;<\/li>\n<li><b>Primary budget surplus<\/b> of 2%;<\/li>\n<li><b>Reducing public debt<\/b> to 89% of GDP, with an eye to bringing that figure down to 80% by FY2021-22;<\/li>\n<li><b>Unemployment<\/b> falling to 9.1% and <b>population growth<\/b> slowing to 2.3%.<\/li>\n<\/ul>\n<p><b>Egypt also aims to cut spending on petroleum products by 42%<\/b> to EGP 52 bn, government sources <a href=\"https:\/\/alborsaanews.com\/2019\/03\/27\/1190440\">told the local press<\/a>. Fuel hedging should begin with the coming fiscal year with plans for other basic commodities to eventually follow suit.<\/p>\n<p><b>SMART POLICY- The Madbouly Cabinet also signed off on the SMEs Act<\/b>, which outlines tax and non-tax incentives for SMEs and other companies or bodies that support them, <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/the-Council-of-Ministers-meeting-No.-36.aspx\">according to a statement<\/a>. The statement does not provide further details on the incentives, which are designed to encourage SMEs to go legit and join the formal economy. Sources previously told us that the government was mulling tax incentives to convince businesses to go legit, including <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/18\/egypt-plans-to-offer-85-tax-exemption-to-incentivize-smes-to-go-legit\/\">offering an 85% exemption<\/a> from their tax burden for three years after registering and <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/26\/egypt-approaches-consensus-on-tax-incentive-framework-for-medium-sized-enterprises\/\">exempting them from 50% of taxes<\/a> owed retroactively from the date of registration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CABINET WATCH- Council of Ministers signs off on FY2019-20 state budget: Cabinet approved yesterday the draft FY2019-20 state budget, Prime Minister Moustafa Madbouly, Finance Minister Mohamed Maait, and Planning Minister Hala El Said told reporters yesterday, according to Al Masry Al Youm. The ministers said spending priorities include improving the quality of public services, shoring [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":602467,"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":[72,348,727,1350,277,281,1348,2380,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-gdp","tag-hala-el-said","tag-madbouly-cabinet","tag-mohamed-maait","tag-moustafa-madbouly","tag-smes-act","tag-speed-round","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"212610af-d2f9-4b00-87c3-56fdfcc92d5c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/276.jpg","photo_position":"above","related_issue":[602461],"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>Cabinet signs off on Egypt\u2019s 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\/03\/28\/cabinet-signs-off-on-egypts-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=\"Cabinet signs off on Egypt\u2019s FY2019-20 state budget\" \/>\n<meta property=\"og:description\" content=\"CABINET WATCH- Council of Ministers signs off on FY2019-20 state budget: Cabinet approved yesterday the draft FY2019-20 state budget, Prime Minister Moustafa Madbouly, Finance Minister Mohamed Maait, and Planning Minister Hala El Said told reporters yesterday, according to Al Masry Al Youm. The ministers said spending priorities include improving the quality of public services, shoring [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-28T04:00:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/276.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\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Cabinet signs off on Egypt\u2019s FY2019-20 state budget\",\"datePublished\":\"2019-03-28T04:00:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/\"},\"wordCount\":289,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/276.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"GDP\",\"Hala El Said\",\"Madbouly Cabinet\",\"Mohamed Maait\",\"Moustafa Madbouly\",\"SMEs Act\",\"SPEED ROUND\",\"state budget\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/\",\"name\":\"Cabinet signs off on Egypt\u2019s FY2019-20 state budget - 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The budget forecasts GDP growing at a 6% clip next year, according to Planning Minister Hala El Said. Finance Minister Mohamed Maait had said the day before that GDP\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":569988,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/15\/el-sisi-reviews-draft-fy2020-2021-budget\/","url_meta":{"origin":602466,"position":1},"title":"El Sisi reviews draft FY2020-2021 budget","author":"enterpriseam admin","date":"15 March 2020","format":false,"excerpt":"BUDGET WATCH- President Abdel Fattah El Sisi reviewed the FY2020-2021 draft budget with senior cabinet ministers yesterday, an Ittihadiya statement said. Largely in line with previous estimates, its projections include a primary budget surplus of 2%, a budget deficit of 6.2% of GDP, down from 7.2% in the current fiscal\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\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570765,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/finmin-leaves-fy2020-2021-gdp-growth-figures-unchanged-from-pre-covid-expectations\/","url_meta":{"origin":602466,"position":2},"title":"FinMin leaves FY2020-2021 GDP growth figures unchanged from pre-covid expectations","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"BUDGET WATCH- In a climate of global uncertainty, the Finance Ministry is leaving its projection for FY2020-2021 GDP growth unchanged for the moment, suggesting the figure will come in at 4.5%, according to the draft budget (pdf) released yesterday. The document makes explicit that the ministry will revisit its growth\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":561111,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cabinet-signs-off-on-the-draft-fy2021-2022-budget\/","url_meta":{"origin":602466,"position":3},"title":"Cabinet signs off on the draft FY2021-2022 budget","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"Well, we have a draft FY2021-2022 budget, after the Madbouly cabinet signed off on it yesterday. Finance Minister Mohamed Maait had said earlier this month that spending under the budget will rise 9% y-o-y to EGP 1.76 tn. Government expenditure on investment will account for 27.6% of total expenditures, with\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":567298,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/19\/new-budget-act-is-ready-for-cabinet-approval\/","url_meta":{"origin":602466,"position":4},"title":"New Budget Act is ready for cabinet approval","author":"enterpriseam admin","date":"19 January 2020","format":false,"excerpt":"BUDGET WATCH- New Budget Act ready for cabinet approval: The Finance Ministry has finalized drafting a new Budget Act and will send it to the cabinet today for approval before being submitted to the House of Representatives, minister Mohamed Maait was quoted by Al Mal as saying. The new act\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\/635.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544833,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/cabinet-approves-austerity-budget-trims-gdp-outlook\/","url_meta":{"origin":602466,"position":5},"title":"Cabinet approves austerity budget, trims GDP outlook","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"GDP forecast downgraded as cabinet signs off on 2022-2023 budget: Egypt has revised downwards its GDP forecast for FY 2022-2023, according to figures in the draft budget that was approved by ministers yesterday. The government sees the economy growing at a 5.5% clip in the coming fiscal year, according to\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/309.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\/602466","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=602466"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602466\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/602467"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602466"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602466"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}