{"id":623420,"date":"2018-10-30T04:06:36","date_gmt":"2018-10-30T04:06:36","guid":{"rendered":"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\/"},"modified":"2018-10-30T04:06:36","modified_gmt":"2018-10-30T04:06:36","slug":"madbouly-govt-at-work-on-2019-20-budget-sees-gdp-growing-at-6-clip-and-oil-at-usd-80-bbl","status":"publish","type":"post","link":"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\/","title":{"rendered":"Madbouly gov\u2019t at work on 2019-20 budget, sees GDP growing at 6% clip and oil at USD 80 \/ bbl"},"content":{"rendered":"

<\/a> ** #4 EXCLUSIVE- The Madbouly government has started work on the FY2019-20 budget,<\/strong> 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<\/strong>, up from 5.5% this fiscal year. The Finance Ministry apparently expects the budget deficit will fall to 8% of GDP in FY2019-20, despite the spike in oil prices.<\/p>\n

Egypt will eliminate fuel subsidies next fiscal year <\/strong>as per the IMF-sanctioned economic reforms, which will drastically reduce the deficit, noted the source. Tax revenues are projected to go up 15% next year, from a projected 14.6% growth rate this year. The government hopes to reduce Egypt\u2019s public debt to 88% of GDP, largely through its debt control strategy.<\/p>\n

It is early days yet, but the Finance Ministry is budgeting for oil at USD 80\/bbl <\/strong>in its next budget, the official said. The ministry reportedly believes oil in the neighborhood of USD 80\/bbl could be the new norm and will provide a realistic threshold when calculating fuel subsidies cost, the source noted. Egypt has already overshot its budgeted expenditures on fuel in 1Q2018-19 by around EGP 1 bn thanks to higher than projected oil prices, according to Finance Minister Mohamed Maait. The government had expected oil prices to average USD 67\/bbl this year. Other government sources had told us that the spike in oil prices could see the budget deficit rise to 8.6% of GDP in FY2018-19, from an initially projected 8.4% of GDP.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #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 Finance Ministry apparently expects the […]<\/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":[864,7106,72,9445,348,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623420","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-budget-deficit","tag-debt","tag-enterpriseam","tag-fy2019-20-budget","tag-gdp","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"cce0231b-4b68-4f17-8a2f-7bfbc37883f8","order":"0","is_powered_by":true,"section_story_id":"fb69c96c-d3a1-4098-98b0-c87c9de6ab8b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[623410],"teaser":"","voice_url":""},"yoast_head":"\nMadbouly gov\u2019t at work on 2019-20 budget, sees GDP growing at 6% clip and oil at USD 80 \/ bbl - 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\/30\/madbouly-govt-at-work-on-2019-20-budget-sees-gdp-growing-at-6-clip-and-oil-at-usd-80-bbl\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly gov\u2019t at work on 2019-20 budget, sees GDP growing at 6% clip and oil at USD 80 \/ bbl\" \/>\n<meta property=\"og:description\" content=\"** #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. 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The cap is equivalent to spending forecasts stated in the draft\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\/2019\/5\/750.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621736,"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\/","url_meta":{"origin":623420,"position":2},"title":"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"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\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":602216,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/cabinet-economic-group-reviews-egypts-preliminary-fy2019-20-state-budget\/","url_meta":{"origin":623420,"position":3},"title":"Cabinet Economic Group reviews Egypt\u2019s preliminary FY2019-20 state budget","author":"enterpriseam admin","date":"21 March 2019","format":false,"excerpt":"The Cabinet economic group met yesterday to review a preliminary draft of the FY2019-20 state budget, according to a Cabinet statement. The budget forecasts GDP growing at a 6% clip next year, according to Planning Minister Hala El Said. Finance Minister Mohamed Maait had said the day before that GDP\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":602466,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/cabinet-signs-off-on-egypts-fy2019-20-state-budget\/","url_meta":{"origin":623420,"position":4},"title":"Cabinet signs off on Egypt\u2019s FY2019-20 state budget","author":"enterpriseam admin","date":"28 March 2019","format":false,"excerpt":"CABINET WATCH- Council of Ministers signs off on FY2019-20 state budget: Cabinet approved yesterday the draft FY2019-20 state budget, Prime Minister Moustafa Madbouly, Finance Minister Mohamed Maait, and Planning Minister Hala El Said told reporters yesterday, according to Al Masry Al Youm. 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