{"id":608087,"date":"2023-10-15T00:00:00","date_gmt":"2023-10-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/budget-deficit-to-widen-to-10-7-this-fiscal-year-imf\/"},"modified":"2023-10-15T00:00:00","modified_gmt":"2023-10-15T00:00:00","slug":"budget-deficit-to-widen-to-10-7-this-fiscal-year-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/budget-deficit-to-widen-to-10-7-this-fiscal-year-imf\/","title":{"rendered":"Budget deficit to widen to 10.7% this fiscal year -IMF"},"content":{"rendered":"

The IMF expects our budget deficit to widen significantly during FY 202<\/strong>3-24<\/strong>, according to figures in its biannual fiscal monitor (pdf)<\/a> published last week. The Fund is forecasting the deficit to increase to 10.7% of GDP this year from an estimated 4.6% the previous year. This would be the largest budget deficit as a percentage of GDP since the 2015-16 fiscal year. <\/p>\n

The IMF had projected a<\/strong> 9.2% d<\/strong>eficit<\/strong> this fiscal year in its previous<\/a>forecast (pdf)<\/a> in April.<\/p>\n

Higher for longer:<\/strong>The deficit is expected to remain elevated in the coming years, widening to 11.1% next year before narrowing to 10.1% in FY 2025-26 and 7.8% by FY 2027-28.<\/p>\n

A smaller primary surplus:<\/strong> The IMF is now projecting the primary surplus to narrow to 1.5% of GDP in FY 2023-24 from an estimated 2.3% last year. In April it had expected the surplus to grow to 2.2% this year from 1.6% in FY 2022-23.<\/p>\n

Spending is rising rapidly. Revenues are not.<\/strong> The IMF now expects government spending to rise to 28.9% of GDP in FY 2023-24, up from an estimated 22.8% last year. At the same time, government revenues will remain flat as a percentage of GDP, with the Fund forecasting them to come in at 18.1% for the second year in a row.<\/p>\n

The wrong direction:<\/strong> The IMF\u2019s previous projections had revenues rising to 19.8% of GDP this year from 18.7% last year. The latest spending forecast is essentially unchanged from April\u2019s 29.0% forecast.<\/p>\n

Debt-GDP to fall, but by less than previously thought:<\/strong> The IMF is now forecasting Egypt\u2019s gross debt to fall to 88.1% of GDP this year from an estimated 92.7% in FY 2022-2023. In April, the Fund had expected debt to fall to 87.0% from 92.9% the previous year.<\/p>\n

Remember:<\/strong> The IMF last week downgraded its FY 2023-24 growth outlook<\/a> for Egypt for the second time this year. It now expects the economy to grow at a 3.6% clip this year, down from an estimated 4.2% in FY 2022-23.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Fund expects government spending to rise faster than previously expected while revenues will remain flat<\/p>\n","protected":false},"author":1,"featured_media":608088,"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":[7206],"tags":[864,279,104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-budget-watch","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"db693a78-d7f5-4bd1-8c9c-06ec1682f83b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/704.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s budget deficit to widen to 10.7% this fiscal year -IMF","related_issue":[608080],"teaser":"The Fund expects government spending to rise faster than previously expected while revenues will remain flat","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.7e754df5-d9b2-4877-9934-e6b138d3378a.mp3"},"yoast_head":"\nBudget deficit to widen to 10.7% this fiscal year -IMF - 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This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which penciled in a 6.3% deficit. The deficit stood\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575450,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/govt-finances-to-see-swift-recovery-from-covid-hit-imf\/","url_meta":{"origin":608087,"position":2},"title":"Gov\u2019t finances to see swift recovery from covid hit -IMF","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"The impact of covid-19 on the Egyptian government\u2019s finances may not be as drastic as previously feared, according to the IMF\u2019s October 2020 Fiscal Monitor Report (pdf). Though fiscal indicators have weakened slightly from the last outlook in April (pdf), the fund is now predicting a rapid recovery over the\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\/10\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556183,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf\/","url_meta":{"origin":608087,"position":3},"title":"Egypt\u2019s budget deficit is expected to narrow to 6.3% of GDP \u2013IMF","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Egypt\u2019s budget deficit is still expected to narrow by the end of the current fiscal year, but will shrink at a slower pace over the next several years than previously expected, the IMF said in its latest Fiscal Monitor Report (pdf). The IMF now sees the budget deficit narrowing to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582148,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/govt-to-miss-deficit-debt-targets-on-higher-rates-import-bill\/","url_meta":{"origin":608087,"position":4},"title":"Gov\u2019t to miss deficit, debt targets on higher rates, import bill","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"Egypt is now predicting a debt level of 93.0% of GDP by June 2023","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Finance-Ministry-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/egypt-on-surer-fiscal-ground-more-debt-relief-agreed-imf-backs-wealth-tax\/","url_meta":{"origin":608087,"position":5},"title":"Egypt on surer fiscal ground + more debt relief agreed + IMF backs wealth tax","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"IMF upgrades Egypt budget projections in latest outlook: Egypt\u2019s public finances have withstood the test of covid-19 better than previously thought, new projections released by the IMF indicate. Figures in the Fund\u2019s latest Fiscal Monitor Report (pdf) suggest that the outlook for Egypt\u2019s fiscal position has improved over the past\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/78.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\/608087","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=608087"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608087\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608088"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608087"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608087"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}