{"id":603312,"date":"2019-04-18T04:00:36","date_gmt":"2019-04-18T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/"},"modified":"2019-04-18T04:00:36","modified_gmt":"2019-04-18T04:00:36","slug":"financing-gap-to-increase-to-egp-820-bn-in-fy2019-20","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/","title":{"rendered":"Financing gap to increase to EGP 820 bn in FY2019-20"},"content":{"rendered":"

<\/a> EXCLUSIVE- Egypt\u2019s financing gap is expected to widen to EGP 820 bn in FY2019-20:<\/b> The Finance Ministry expects the budget deficit to reach EGP 820 bn in FY2019-20, up from EGP 715 bn in the current fiscal year, which is set to end on 30 June, a senior government official tells Enterprise. The government plans to plug the gap with bond issuances and the final USD 2 bn tranche of the IMF facility. Egypt will issue EGP 7 bn of green bonds, USD 5 bn of eurobonds, and raised local debt worth c. EGP 725 bn \u2014 including EGP 435 bn-worth of t-bills and EGP 290 bn of long-term bonds. A government official previously told us<\/a> that Egypt will issue 10 and 30-year bonds to cover interest payments due on 3 and 9-month treasury bills in the next fiscal year.<\/p>\n

We also have EGP 375.5 bn in maturing debt in FY2019-20<\/b>, the source said, while total interest payments in next fiscal year\u2019s budget is projected at EGP 569 bn, including EGP 44.7 bn on foreign debt and EGP 2.2 bn on USD bonds. According to our source, the government estimates a 1% increase in global interest rates, which would raise Egypt\u2019s borrowing costs by EGP 8-10 bn.<\/p>\n

Background:<\/b> The Finance Ministry began last month<\/a> implementing a comprehensive debt reduction strategy, which aims to reduce debt to 80% of GDP by 2022. The strategy is seeing the government extending the maturities of its debt and speed up inclusion of informal businesses into the formal economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Egypt\u2019s financing gap is expected to widen to EGP 820 bn in FY2019-20: The Finance Ministry expects the budget deficit to reach EGP 820 bn in FY2019-20, up from EGP 715 bn in the current fiscal year, which is set to end on 30 June, a senior government official tells Enterprise. The government plans […]<\/p>\n","protected":false},"author":1,"featured_media":603313,"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":[7106,104,72,2380,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-economy","tag-enterpriseam","tag-speed-round","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"69126471-1442-4328-aa2a-7e754a0a2729","is_powered_by":true,"section_story_id":"939d5dac-096e-4df9-962a-e05538ef3a2c","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/4\/1797.jpg","photo_position":"above","related_issue":[603305],"teaser":"","voice_url":""},"yoast_head":"\nFinancing gap to increase to EGP 820 bn in FY2019-20 - 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\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financing gap to increase to EGP 820 bn in FY2019-20\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Egypt\u2019s financing gap is expected to widen to EGP 820 bn in FY2019-20: The Finance Ministry expects the budget deficit to reach EGP 820 bn in FY2019-20, up from EGP 715 bn in the current fiscal year, which is set to end on 30 June, a senior government official tells Enterprise. The government plans […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-18T04:00:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/4\/1797.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\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Financing gap to increase to EGP 820 bn in FY2019-20\",\"datePublished\":\"2019-04-18T04:00:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/\"},\"wordCount\":250,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/4\/1797.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"economy\",\"EnterpriseAM\",\"SPEED ROUND\",\"state budget\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/18\/financing-gap-to-increase-to-egp-820-bn-in-fy2019-20\/\",\"name\":\"Financing gap to increase to EGP 820 bn in FY2019-20 - 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According to Kouchouk, the ministry\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":600845,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/","url_meta":{"origin":603312,"position":1},"title":"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"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\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\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597728,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/government-sets-usd-110-bn-cap-on-foreign-debt\/","url_meta":{"origin":603312,"position":2},"title":"Government sets USD 110 bn cap on foreign debt","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"EXCLUSIVE- The finance and planning ministries have agreed to set a USD 110 bn cap on foreign debt, a figure the government expects to reach within two to three years, a senior government official told Enterprise. Once we reach that mark, the government will move to cut its foreign borrowing\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":602564,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/finmin-releases-egypts-draft-fy2019-20-budget\/","url_meta":{"origin":603312,"position":3},"title":"FinMin releases Egypt\u2019s draft FY2019-20 budget","author":"enterpriseam admin","date":"1 April 2019","format":false,"excerpt":"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\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\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570491,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/egypt-to-issue-egp-610-bn-in-treasuries-this-quarter\/","url_meta":{"origin":603312,"position":4},"title":"Egypt to issue EGP 610 bn in treasuries this quarter","author":"enterpriseam admin","date":"2 April 2020","format":false,"excerpt":"FinMin to issue EGP 610 bn in treasuries this quarter: The Finance Ministry is planning to issue EGP 610 bn (c. USD 38.74 bn) of treasuries in 2Q2020 to close the fiscal gap, according to data seen by the press. The government\u2019s outstanding balance of treasuries (EGP-, USD-, and EUR-denominated)\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":602984,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/11\/govt-to-increase-education-health-and-comms-spending-in-fy2019-20\/","url_meta":{"origin":603312,"position":5},"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 "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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603312","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=603312"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603312\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603313"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603312"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603312"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}