{"id":622495,"date":"2018-10-03T04:33:11","date_gmt":"2018-10-03T04:33:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/03\/global-oil-rally-threatens-to-derail-budget-deficit-change-inflation-outlook\/"},"modified":"2018-10-03T04:33:11","modified_gmt":"2018-10-03T04:33:11","slug":"global-oil-rally-threatens-to-derail-budget-deficit-change-inflation-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/03\/global-oil-rally-threatens-to-derail-budget-deficit-change-inflation-outlook\/","title":{"rendered":"Global oil rally threatens to derail budget deficit, change inflation outlook"},"content":{"rendered":"

<\/a> **# 1 Global oil rally threatens to derail deficit reduction plans, change inflation outlook: <\/strong>The rally in global oil prices threatens to derail Egypt\u2019s budget deficit target of 8.4% this fiscal year, Ahmed Feteha writes for Bloomberg<\/a>. Every USD 10 increase in oil prices over the USD 67\/bbl set in the FY2018-19 budget adds USD 1-1.2 bn to Egypt\u2019s current account deficit, according to calculations by EFG Hermes\u2019 Mohamed Abu Basha. With Brent crude currently soaring above the USD 80\/bbl mark (and some tipping it to cross the USD 100\/bbl barrier)<\/a>, Egypt may find itself having to spend double the EGP 89 bn it had budgeted for fuel subsidies this year: Every USD 1 increase above the budgeted oil price adds EGP 4 bn (USD 222 mn) to the state\u2019s annual outlay.<\/p>\n

Whatever the country saves on liquefied natural gas imports will likely be eaten up. <\/strong>Oil Minister Tarek El Molla had said that Egypt would save an annual USD 1.5 bn<\/a> after it pulled the plug on LNG imports<\/a> last month. El Molla had also said that Egypt was due to start LNG exports by January 2019 as more output is pumped into the national grid from projects such as Zohr. \u201cAlthough a revenue increase from Egypt\u2019s own oil exports should partially mitigate some of the impact on the budget and the balance of payments from higher crude prices, the net effect will likely be negative,\u201d according to Abu Basha.<\/p>\n

Could oil prices change Egypt\u2019s inflation and fiscal policy outlook? <\/strong>Oil Minister Tarek El Molla confirmed earlier this week<\/a> that further subsidy cuts were still to come as Egypt works toward economic reform. The next hike in oil prices will be \u201cmore costly from an inflation perspective,\u201d however, if the oil rally persists. A change in the inflationary outlook that sees it rising rather than dropping next year could prompt the central bank to continue to leave interest rates on hold, Abu Basha suggests.<\/p>\n","protected":false},"excerpt":{"rendered":"

**# 1 Global oil rally threatens to derail deficit reduction plans, change inflation outlook: The rally in global oil prices threatens to derail Egypt\u2019s budget deficit target of 8.4% this fiscal year, Ahmed Feteha writes for Bloomberg. Every USD 10 increase in oil prices over the USD 67\/bbl set in the FY2018-19 budget adds USD […]<\/p>\n","protected":false},"author":1,"featured_media":622496,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8432c123-0b96-4a14-9ae4-f7467539754b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/10\/1835.png","photo_position":"above","related_issue":[622490],"teaser":"","voice_url":""},"yoast_head":"\nGlobal oil rally threatens to derail budget deficit, change inflation outlook - 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\/10\/03\/global-oil-rally-threatens-to-derail-budget-deficit-change-inflation-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global oil rally threatens to derail budget deficit, change inflation outlook\" \/>\n<meta property=\"og:description\" content=\"**# 1 Global oil rally threatens to derail deficit reduction plans, change inflation outlook: The rally in global oil prices threatens to derail Egypt\u2019s budget deficit target of 8.4% this fiscal year, Ahmed Feteha writes for Bloomberg. 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Maait said the narrowing of the deficit indicates that Egypt is on track to meet its budget\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":570413,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/","url_meta":{"origin":622495,"position":1},"title":"Government spending on health, education, wages and welfare is set to increase in FY2020-2021","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. 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The government\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\/104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596528,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19\/","url_meta":{"origin":622495,"position":3},"title":"Egypt plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-19","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Government plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-2019: Egypt is planning to hedge against rising oil prices for the second year in a row, Finance Minister Mohamed Maait said in an interview last week, Bloomberg reports. This comes two weeks after a government source told 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\/1\/661.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":622495,"position":4},"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. 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622591,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/08\/with-the-price-of-oil-stubbornly-high-the-madbouly-government-may-be-looking-at-a-fuel-hedge-after-all\/","url_meta":{"origin":622495,"position":5},"title":"With the price of oil stubbornly high, the Madbouly government may be looking at a fuel hedge after all","author":"enterpriseam admin","date":"8 October 2018","format":false,"excerpt":"** #1 EXCLUSIVE- With the price of oil stubbornly high, the Madbouly government may be looking at a fuel hedge after all. The cabinet of Prime Minister Mostafa Madbouly is drafting a policy change that would allow the Finance Ministry to move ahead with a hedging strategy to shield 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\/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\/622495","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=622495"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622495\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622496"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622495"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622495"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}