{"id":624313,"date":"2018-09-05T04:01:39","date_gmt":"2018-09-05T04:01:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/"},"modified":"2018-09-05T04:01:39","modified_gmt":"2018-09-05T04:01:39","slug":"is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/","title":{"rendered":"Is debt control now the most significant fiscal policy of the Madbouly Cabinet?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>** #1 Managing the public debt is now at the top of the Madbouly Cabinet\u2019s fiscal priority list.<\/strong> Finance Minister Mohamed Maait confirmed his ministry plans to set a limit on foreign borrowing, including from major foreign institutions. While he did not reveal specifics, Maait stressed at the opening day of a Euromoney conference in Cairo yesterday that debt control is now one of the top fiscal policies of the government\u2019s agenda. \u201cOn debt strategy, there is no one single solution. We are working on creating a package to eventually reach our targets,\u201d Maait said, <u><a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N1VQ1RN\">according to Reuters<\/a><\/u>. \u201cOne of the ways is to put a limit on what you\u2019re going to borrow, internally or externally. You want to grow, you want to finance the growth, so either you have enough funds for your growth or you\u2019re going to have to borrow. \u2026 We will send the government within weeks a plan to manage the public debt, including putting a cap on external borrowing,\u201d he said.<\/p>\n<p><strong>FinMin confirms canceled T-bill auction:<\/strong> Maait\u2019s statement comes as the ministry <u><a href=\"https:\/\/ent.news\/2018\/9\/2328.pdf\">confirmed in a statement yesterday (pdf)<\/a><\/u> that it canceled a sale of EGP 3.5 bn worth of three- and seven-year T-bills on Monday. <strong>The yields demanded at the sale were \u201cnot within the logical limits,\u201d<\/strong> the ministry said, indicating that the impact of an escalating emerging market sell-off is also a key driver for the decision.<\/p>\n<p><strong>Background:<\/strong> Maait first suggested this past weekend that he might cap new borrowing when he suggested that the government was working on a comprehensive fiscal strategy. Vice Minister of Finance <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/02\/finmin-working-on-new-comprehensive-fiscal-strategy\/\">Ahmed Kouchouk suggested<\/a><\/u> that the strategy would include the ministry being brought in on all loan negotiations that require a government guarantee. <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/04\/finmin-looks-to-pull-the-breaks-on-foreign-borrowing\/\">Ministry sources told us<\/a><\/u> that the strategy would also see the tenor of government bond issuances limited to medium-to-long term issuances. There had even been talk of cancelling foreign currency-denominated bond issuances this year.<\/p>\n<p><strong>Ittihadiya following debt control discussion:<\/strong> President Abdel Fattah El Sisi will meet with members of the Madbouly cabinet this month to discuss its strategy to contain public debt, Maait said yesterday in an interview with Extra News (<u><a href=\"https:\/\/www.youtube.com\/watch?v=6FEc-SxgsMc\">watch, runtime: 31:22<\/a><\/u>). Maait explained that public debt had risen extensively to help bolster the economic reform agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>** #1 Managing the public debt is now at the top of the Madbouly Cabinet\u2019s fiscal priority list. Finance Minister Mohamed Maait confirmed his ministry plans to set a limit on foreign borrowing, including from major foreign institutions. While he did not reveal specifics, Maait stressed at the opening day of a Euromoney conference in [&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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624313","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c477fda5-d01a-47d5-9f1f-38fc193ffcc5","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[624308],"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>Is debt control now the most significant fiscal policy of the Madbouly Cabinet? - 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\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is debt control now the most significant fiscal policy of the Madbouly Cabinet?\" \/>\n<meta property=\"og:description\" content=\"** #1 Managing the public debt is now at the top of the Madbouly Cabinet\u2019s fiscal priority list. Finance Minister Mohamed Maait confirmed his ministry plans to set a limit on foreign borrowing, including from major foreign institutions. While he did not reveal specifics, Maait stressed at the opening day of a Euromoney conference in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-05T04:01:39+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\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Is debt control now the most significant fiscal policy of the Madbouly Cabinet?\",\"datePublished\":\"2018-09-05T04:01:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/\"},\"wordCount\":387,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/is-debt-control-now-the-most-significant-fiscal-policy-of-the-madbouly-cabinet\/\",\"name\":\"Is debt control now the most significant fiscal policy of the Madbouly Cabinet? 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Egypt will have to borrow USD 10.51 bn this fiscal year to\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":596631,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/el-sisi-madbouly-maait-recap-egypts-economic-performance-in-fy2018-2019\/","url_meta":{"origin":624313,"position":2},"title":"El Sisi, Madbouly, Maait recap Egypt\u2019s economic performance in FY2018-2019","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"The government met its 8.4% budget deficit and 2% primary budget surplus targets in FY2018-2019, which ended on Sunday, according to an Ittihadiya statement out following a meeting between President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, and Finance Minister Mohamed Maait. The economy grew at a 5.6% clip,\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":624645,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/16\/finmin-mulls-tapping-asian-liquidity-with-issuance-of-jpy-cny-denominated-bonds\/","url_meta":{"origin":624313,"position":3},"title":"FinMin mulls tapping Asian liquidity with issuance of JPY-, CNY-denominated bonds","author":"enterpriseam admin","date":"16 September 2018","format":false,"excerpt":"**#1 FinMin mulls tapping Asian liquidity with issuance of JPY-, CNY-denominated bonds: The Finance Ministry appears to have revived plans to hold a foreign currency-denominated bond issuance, according to remarks by Finance Minister Mohamed Maait in an interview with state-owned daily Al Ahram. The Finance Ministry had earlier suggested it\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":616921,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/half-of-the-proceeds-from-the-privatization-program-earmarked-to-reduce-public-debt-maait\/","url_meta":{"origin":624313,"position":4},"title":"Half of the proceeds from the privatization program earmarked to reduce public debt -Maait","author":"enterpriseam admin","date":"13 March 2024","format":false,"excerpt":"There will also be no tax increases for investors in the next fiscal year","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1803.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604406,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/03\/egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22\/","url_meta":{"origin":624313,"position":5},"title":"Egypt\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP in 2021-22","author":"enterpriseam admin","date":"3 December 2018","format":false,"excerpt":"EXCLUSIVE- FinMin\u2019s debt control strategy looks to reduce public debt to 72-75% of GDP by 2021-22: The Finance Ministry\u2019s comprehensive debt control strategy, which has been in the works since August, will aim to reduce Egypt\u2019s public debt to 72-75% of GDP by 2021-22 from 98% today, a senior government\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\/12\/172.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\/624313","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=624313"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624313\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/624308"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=624313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=624313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=624313"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=624313"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=624313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}