{"id":621736,"date":"2018-11-18T04:16:57","date_gmt":"2018-11-18T04:16:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/"},"modified":"2018-11-18T04:16:57","modified_gmt":"2018-11-18T04:16:57","slug":"egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/","title":{"rendered":"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year<\/strong>, up from a projected 5.*% this fiscal year. That\u2019s perhaps the most interesting take away from the ministry\u2019s <a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/budget2019-2020\/Publication_of_preparing_the_budget19-20.pdf\">2019-20 budget guidelines (pdf)<\/a>. The ministry sees GDP growth accelerating to 6.9% in 2020-21 and 7.3% in 2021-22. The budget guidelines set the framework on which the FinMin and other ministries and agencies will build next year\u2019s budget. Policy makers are starting the process with an edge on the expense side as global oil prices have come down 20% from their high earlier this fall. The ministry is hoping to maintain its 2% primary budget surplus during the next fiscal year.<\/p>\n<p><strong>Budget deficit, unemployment seen falling:<\/strong> Egypt\u2019s budget deficit is expected to fall to 7% of GDP by FY2019-20, down from 8.4% of GDP in the current fiscal year, the document shows. The Finance Ministry aims to see the deficit then shrink to 5.6% of GDP in 2020-21 and 3.9% in 2021-22.<\/p>\n<p><strong>It also sees unemployment falling to 8% <\/strong>by 2021-22 and the poverty level falling to below 25%.<\/p>\n<p><strong>Cutting fuel subsidies and widening tax base:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/30\/madbouly-govt-at-work-on-2019-20-budget-sees-gdp-growing-at-6-clip-and-oil-at-usd-80-bbl\/\">Sources had previously<\/a> told us that a substantial reduction in the budget deficit will come as a result of eliminating fuel subsidies by next fiscal year, as agreed under the IMF_backed reform program. The government is also hoping to widen the tax base by passing the SMEs Act and bringing in smaller enterprises into the formal economy, according to the documents.<\/p>\n<p><strong>Tax efficiency to play a hand in raising revenues: <\/strong>The government is also planning to increase tax revenues by implementing an electronic billing and tax payment platform. Finance Minister Mohamed Maait had said that the electronic platform, which will set a single tax ID number for companies to pay all their taxes, will be implemented in 1 May 2019. The ministry is expecting additional revenues from reforming the customs system (though amendments to the Customs Act) and amendments to the Real Estate Tax Act. Notably, <strong>Maait has promised not to raise tax rates during this process<\/strong>.<\/p>\n<p><strong>Gov\u2019t to issue c. USD 4 bn in international bonds next year: <\/strong>The government plans to issue EGP 75 bn (or around USD 4.2 bn) in foreign-currency-denominated bonds in FY2019-20, we\u2019re told, alongside some EGP 539 bn in local treasuries next fiscal year. The budget document is clear, though, that the ministry plans to reduce Egypt\u2019s public debt to 79.3% of GDP by 2021-22 from 98% today.<\/p>\n<p><strong>How much has the zombie apocalypse bit? <\/strong>Yields on Egyptian debt soared to an average of 19% this fiscal year year, the document suggests, significantly above the 14.9% in the current budget as Egypt pays a premium to keep hot money investors here.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year, up from a projected 5.*% this fiscal year. That\u2019s perhaps the most interesting take away from the ministry\u2019s 2019-20 budget guidelines (pdf). The ministry sees GDP growth accelerating to 6.9% in 2020-21 and 7.3% in 2021-22. The budget [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[864,102,7106,72,276,9445,348,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621736","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-budget-deficit","tag-capital-markets","tag-debt","tag-enterpriseam","tag-finance-ministry","tag-fy2019-20-budget","tag-gdp","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"0aa45b54-7931-49d4-a580-4ae9d2fdd313","order":"0","is_powered_by":true,"section_story_id":"22a80e17-2fb5-471c-a57a-8c5ea5067170","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621730],"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>Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year - 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\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year\" \/>\n<meta property=\"og:description\" content=\"The Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year, up from a projected 5.*% this fiscal year. That\u2019s perhaps the most interesting take away from the ministry\u2019s 2019-20 budget guidelines (pdf). The ministry sees GDP growth accelerating to 6.9% in 2020-21 and 7.3% in 2021-22. The budget [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-18T04:16:57+00:00\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year\",\"datePublished\":\"2018-11-18T04:16:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\"},\"wordCount\":465,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"budget deficit\",\"capital markets\",\"debt\",\"EnterpriseAM\",\"Finance Ministry\",\"FY2019-20 budget\",\"GDP\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/\",\"name\":\"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year - 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The ministry was mute on where the cuts to spending could come, and the expected trimming\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":592909,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/finance-ministry-eyes-6-4-growth-in-fy-2020-2021\/","url_meta":{"origin":621736,"position":1},"title":"Finance Ministry eyes 6.4% growth in FY 2020-2021","author":"enterpriseam admin","date":"12 November 2019","format":false,"excerpt":"BUDGET WATCH- FinMin says it\u2019s targeting 6.4% growth, 6.2% deficit next fiscal year: The Finance Ministry is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year, according to the ministry\u2019s preliminary budget statement announced by cabinet yesterday. Local press reports had suggested\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":598689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/","url_meta":{"origin":621736,"position":2},"title":"FinMin to set new medium-term economic targets as global macro headwinds build","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build: The Finance Ministry is on track to specify \u201cmore realistic\u201d medium-term targets for Egypt\u2019s key macro indicators in light of a challenging outlook for global growth and volatility in emerging markets, according to official documents seen by\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":593097,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/finmin-issues-guidelines-for-state-bodies-standalone-budgets-for-fy2020-2021\/","url_meta":{"origin":621736,"position":3},"title":"FinMin issues guidelines for state bodies' standalone budgets for FY2020-2021","author":"enterpriseam admin","date":"18 November 2019","format":false,"excerpt":"BUDGET WATCH- FinMin issues guidelines for state bodies' budgets for FY2020-2021 ahead of drafting full budget: The Finance Ministry has issued a set of guidelines for the state\u2019s administrative units and service bodies to outline their internal budgets for the upcoming fiscal year, according to a cabinet statement. These entities\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":600794,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/government-reviews-fx-rate-oil-price-at-2018-2019-budget\/","url_meta":{"origin":621736,"position":4},"title":"Government reviews FX rate, oil price at 2018\/2019 budget","author":"enterpriseam admin","date":"11 February 2019","format":false,"excerpt":"FinMin sees growth accelerating, forecasts weaker average EGP exchange rate this fiscal year, will budget for oil at USD 67 \/ bbl for next year: The Finance Ministry revised its expected average USD:EGP exchange rate for the current (2018-19) fiscal year ending in June to EGP 18 to the greenback\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":623420,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/madbouly-govt-at-work-on-2019-20-budget-sees-gdp-growing-at-6-clip-and-oil-at-usd-80-bbl\/","url_meta":{"origin":621736,"position":5},"title":"Madbouly gov\u2019t at work on 2019-20 budget, sees GDP growing at 6% clip and oil at USD 80 \/ bbl","author":"enterpriseam admin","date":"30 October 2018","format":false,"excerpt":"** #4 EXCLUSIVE- The Madbouly government has started work on the FY2019-20 budget, with various government departments tallying up their budgets and projection, a senior government official told us yesterday. The government is targeting GDP growth of 6% in its next fiscal year, up from 5.5% this fiscal year. 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