{"id":622294,"date":"2024-06-04T00:00:00","date_gmt":"2024-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/mps-gave-their-final-approval-to-next-fiscal-years-budget\/"},"modified":"2024-06-04T00:00:00","modified_gmt":"2024-06-04T00:00:00","slug":"mps-gave-their-final-approval-to-next-fiscal-years-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/mps-gave-their-final-approval-to-next-fiscal-years-budget\/","title":{"rendered":"MPs gave their final approval to next fiscal year\u2019s budget"},"content":{"rendered":"

MPs pass next year\u2019s budget:<\/strong> The House of Representatives yesterday gave its seal of approval to the FY 2024-2025 state budget and socioeconomic development plan. The budget has been at the house for a little over a month now, where the House Budget Committee and general assembly discussed and voted on it. <\/p>\n

Not everyone was onboard: <\/strong>The budget and development plan were rejected by a number of MPs affiliated with the Egyptian Social Democratic Party and the Justice Party, as well as a number of independent MPs. <\/p>\n

Remember:<\/strong> Finance Minister Mohamed Maait Planning Minister Hala El Said delivered the draft budget in late April<\/a> to the House. MPs have been discussing it<\/a> ever since. <\/p>\n

No new taxes:<\/strong> \u201cWe are not seeking to impose new taxes, but we will be trying our best to widen the scope of the tax base through developing an electronic taxation system,\u201d Maait said, reiterating statements made last week<\/a>. <\/p>\n

An overview of the budget: <\/strong>The government has penciled in growth of 4.2%<\/strong> for the coming fiscal year, up from an estimated 2.9% in FY 2023-2024. Headline inflation is expected to drop <\/strong>to an average of 17.9% over the next FY, down from a projected 35.7% this FY. Meanwhile, the budget deficit is expected to increase<\/strong> to 7.3% of the country\u2019s GDP, up from 7.2% this year.<\/p>\n

ICYMI:<\/strong> The state budget is a bit different this time around, with the issuing of the first Public<\/a>Government Budget<\/a>. The new budget \u2014 which does not replace the state budget \u2014 shows the budgets of all the state\u2019s economic bodies in addition to the state budget collated together. <\/p>\n

What\u2019s next? <\/strong>The budget will now be sent to President Abdel Fattah El Sisi to ratify. <\/p>\n","protected":false},"excerpt":{"rendered":"

Finance Minister Mohamed Maait confirms there won\u2019t be any tax hikes next FY.<\/p>\n","protected":false},"author":1,"featured_media":622295,"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":[7344],"tags":[279,104,72,276,274,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"9ae566c1-fff8-46c4-865d-139d9abaa82d","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/267.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian MPs gave their final approval to next fiscal year\u2019s budget","related_issue":[622286],"teaser":"Finance Minister Mohamed Maait confirms there won\u2019t be any tax hikes next FY.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3ed1e0b8-af30-4d24-a320-9f1d8b77152a.mp3"},"yoast_head":"\nMPs gave their final approval to next fiscal year\u2019s budget - 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And right in the nick of time.","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"MPs give the green light to FY 2022-2023 budget: The House of Representatives approved in a plenary session yesterday the state\u2019s budget for the upcoming fiscal year that begins in July. The final spending plan passed yesterday is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/269.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588459,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mps-voice-concern-over-public-borrowing-as-budget-debates-kick-off-in-the-house\/","url_meta":{"origin":622294,"position":2},"title":"MPs voice concern over public borrowing as budget debates kick off in the House","author":"enterpriseam admin","date":"12 June 2023","format":false,"excerpt":"Majority parties voiced their support for the budget","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/561.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547375,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/mps-want-more-austerity\/","url_meta":{"origin":622294,"position":3},"title":"MPs want \u2026 more austerity?","author":"enterpriseam admin","date":"20 June 2022","format":false,"excerpt":"MPs aren\u2019t happy with borrowing plans in FY2022-2023 budget: The government\u2019s estimates for sovereign debt in the upcoming fiscal year\u2019s budget drew criticism from MPs during the first day of budget debate in a plenary session at the House of Representatives yesterday. Representatives from various parties voiced their concerns that\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/","url_meta":{"origin":622294,"position":4},"title":"MPs think the tax revenue targets in the budget are a bit optimistic","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"After flagging FY 2022-2023 budget allocations for subsidy + social safety net spending, MPs are zeroing in on tax receipts: MPs at the House Planning and Budgeting Committee are skeptical that the government\u2019s forecasted tax revenues for the upcoming fiscal year are attainable, suggesting in a committee meeting yesterday that\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546728,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/next-years-budget-remains-tentative-madbouly-tells-mps\/","url_meta":{"origin":622294,"position":5},"title":"Next year\u2019s budget remains \u201ctentative,\u201d Madbouly tells MPs","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"Gov\u2019t responds to MP reservations about budget allocations: MPs now reviewing the draft FY 2022-2023 state budget should view the spending plan as \u201ctentative\u201d as global conditions continue to shift the goalposts, Prime Minister Moustafa Madbouly said in a meeting with the chairs of the House of Representatives\u2019 25 committees\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/344.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\/622294","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=622294"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622294\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622295"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622294"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622294"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}