{"id":616561,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/the-imf-says-we-promised-to-slow-down-spending-on-infrastructure\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"the-imf-says-we-promised-to-slow-down-spending-on-infrastructure","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/the-imf-says-we-promised-to-slow-down-spending-on-infrastructure\/","title":{"rendered":"The IMF says we promised to slow down spending on infrastructure"},"content":{"rendered":"

IMF mission chief for Egypt <\/strong>Ivanna Hollar<\/strong> says cabinet has pledged to slow spending on <\/strong>infrastructure <\/strong>as part of a package to bring more discipline to how we manage fiscal policy. <\/p>\n

Cabinet <\/strong>agreed with the IMF to implement structural reforms that would also include \u201ca <\/strong>new framework to slow down infrastructure<\/strong> spending, including projects that have so far operated outside regular budget oversight,\u201d Hollar explained.<\/p>\n

A hard ceiling on public investment: <\/strong>The government will introduce a ceiling on public investment for FY 2024-25, where the total of all public investment spending \u2014 that includes all ministries, economic bodies, the Public Enterprise Ministry\u2019s companies, and state-owned companies \u2014 will not exceed GP 1 tn, according to Madbouly. <\/p>\n

Putting words into action: <\/strong>A committee will be formed to oversee that the government abides by this decision to allow the private sector to lead the country\u2019s economic growth. \u201cThe goal for the state is that the private sector should be the largest contributor to the total investments,\u201d Madbouly said.<\/p>\n

Promises of fiscal prudence: <\/strong>\u201cThe authorities agreed to maintain fiscal prudence over the medium-term and step-up efforts to mobilize additional domestic revenues, including through the rationalization of tax exemptions as well as to use a substantial part of divestiture proceeds to reduce debt,\u201d Hollar said.<\/p>\n

Could we get a bit more breathing room?<\/strong>Payments owed to the IMF under maturing facilities could, under certain conditions, be rescheduled in a bid not to put undue pressure on the EGP, two government sources told Enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new committee will be formed to ensure the private sector takes the lead on driving economic growth<\/p>\n","protected":false},"author":1,"featured_media":616562,"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":[864,838,104,72,272,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-devaluation","tag-economy","tag-enterpriseam","tag-imf","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"dd1406c0-0d93-4884-83c7-e2c0bc3d004f","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/35.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The IMF says Egypt promised to slow down spending on infrastructure","related_issue":[616552],"teaser":"A new committee will be formed to ensure the private sector takes the lead on driving economic growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.f7e5c879-81dc-4b6d-b2a3-6c178bd60851.mp3"},"yoast_head":"\nThe IMF says we promised to slow down spending on infrastructure - 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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":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":616561,"position":4},"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). 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