{"id":602564,"date":"2019-04-01T03:23:00","date_gmt":"2019-04-01T03:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/"},"modified":"2019-04-01T03:23:00","modified_gmt":"2019-04-01T03:23:00","slug":"finmin-releases-egypts-draft-fy2019-20-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/","title":{"rendered":"FinMin releases Egypt\u2019s draft FY2019-20 budget"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> The state\u2019s FY2019-20 budget is now with the House: <\/b>The Finance Ministry sent yesterday its <u><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2019\/04\/Pre-Budget_2019-2020-Mar-2019.pdf\">draft FY2019-20 budget (pdf)<\/a><\/u> to the House of Representatives. 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 law by the end of June. Cabinet signed off on the draft last week. <b>Among the highlights:<\/b><\/p>\n<p><b>The budget deficit <\/b>is expected to fall to 7.2% of GDP, from 8.4% in the current fiscal year. The government will allow EGP 445.1 bn in new borrowing in the coming year.<\/p>\n<p><b>Revenues<\/b> are forecast to reach 1.13 tn \u2014 with tax collection rising 13% y-o-y to EGP 856.6 bn and other earnings up 30% to EGP 277.8 bn.<\/p>\n<p><b>State spending<\/b> should come in at EGP 1.57 tn, up 12% y-o-y from EGP 1.40 tnthis fiscal year. Among the highlights:<\/p>\n<ul>\n<li><b>Debt service payments,<\/b> which are projected to rise 6.5% to EGP 569 bn. That\u2019s the largest single spending item in the budet, accounting for just over 36% of total expenditures;<\/li>\n<li><b>The public wage bill<\/b> will rise 11.5% to EGP 301 bn, up by EGP 31 bn on the back of the president\u2019s <u><a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/31\/el-sisi-unveils-public-sector-wage-pension-increases\/\">decision on Saturday<\/a><\/u> to raise the minimum wage by 66%;<\/li>\n<li><b>Outlays on subsidies and social welfare payments<\/b> will climb 3.8% to EGP 327.7 bn even as electricity subsidies fall 37.5% to EGP 10 bn and spending on petroleum products is cut by 42%;<\/li>\n<li><b>Government investment<\/b> will rise 42.2% to EGP 211.2 bn;<\/li>\n<li><b>Spending on goods and services<\/b> will climb 24.6% to EGP 74.9 bn;<\/li>\n<li><b>Miscellaneous expenses<\/b> will climb 19.5% to EGP 90.4 bn, with the majority of the final item\u2019s spending being earmarked for the Armed Forces.<\/li>\n<\/ul>\n<p><b>Also in the forecast:<\/b><\/p>\n<ul>\n<li><b>Exchange rate: <\/b>The CBE average for 1-15 March (ie: EGP 17.46 to the greenback)<\/li>\n<li><b>GDP growth:<\/b> 6% by June 2020;<\/li>\n<li><b>Primary budget surplus:<\/b> 2%;<\/li>\n<li><b>Public debt:<\/b> 89% of GDP<\/li>\n<li><b>Unemployment:<\/b> 9.1% <\/li>\n<li><b>Population growth:<\/b> 2.3%.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The state\u2019s FY2019-20 budget is now with the House: The Finance Ministry sent yesterday its draft FY2019-20 budget (pdf) to the House of Representatives. 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 law by the end of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":602565,"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":[2653,72,7087,1318,274,180,190,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budgeting","tag-enterpriseam","tag-finance","tag-fiscal-policy","tag-house-of-representatives","tag-legislation","tag-social-welfare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6ccd21d6-f5cf-4796-ad96-55d1a0c0470d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[602559],"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 releases Egypt\u2019s draft FY2019-20 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\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin releases Egypt\u2019s draft FY2019-20 budget\" \/>\n<meta property=\"og:description\" content=\"The state\u2019s FY2019-20 budget is now with the House: The Finance Ministry sent yesterday its draft FY2019-20 budget (pdf) to the House of Representatives. 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 law by the end of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-01T03:23:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.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\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin releases Egypt\u2019s draft FY2019-20 budget\",\"datePublished\":\"2019-04-01T03:23:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\"},\"wordCount\":299,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budgeting\",\"EnterpriseAM\",\"Finance\",\"fiscal policy\",\"House of Representatives\",\"legislation\",\"social welfare\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/\",\"name\":\"FinMin releases Egypt\u2019s draft FY2019-20 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\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\/773.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":602564,"position":1},"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":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":602564,"position":2},"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":[]},{"id":599181,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/house-committee-approves-fy2019-2020-draft-budget\/","url_meta":{"origin":602564,"position":3},"title":"House committee approves FY2019-2020 draft budget","author":"enterpriseam admin","date":"20 June 2019","format":false,"excerpt":"LEGISLATION WATCH- House Budget committee approves FY2019-2020 draft budget: The House of Representatives Planning and Budget Committee has approved the draft budget for the FY2019-2020 fiscal year and referred it to the general assembly to set a date for a vote, MP Yasser Omar told the local press. The House\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":598082,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/14\/egypt-caps-fy2019-20-state-spending-at-egp-1-tn\/","url_meta":{"origin":602564,"position":4},"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":599317,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/25\/house-approves-fy2019-2020-state-budget\/","url_meta":{"origin":602564,"position":5},"title":"House approves FY2019-2020 state budget","author":"enterpriseam admin","date":"25 June 2019","format":false,"excerpt":"LEGISLATION WATCH- The FY2019-2020 budget has cleared the House. The House of Representatives has approved the FY2019-2020 state budget, which targets GDP growth of 6% and a budget deficit of 7.2%, Reuters reported. The government will aim to reach a primary budget surplus of 2% and reduce public debt to\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\/602564","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=602564"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602564\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/602565"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602564"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602564"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}