{"id":624913,"date":"2018-09-23T04:26:51","date_gmt":"2018-09-23T04:26:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/23\/it-looks-like-were-not-quite-going-to-make-our-deficit-target\/"},"modified":"2018-09-23T04:26:51","modified_gmt":"2018-09-23T04:26:51","slug":"it-looks-like-were-not-quite-going-to-make-our-deficit-target","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/23\/it-looks-like-were-not-quite-going-to-make-our-deficit-target\/","title":{"rendered":"It looks like we\u2019re not quite going to make our deficit target"},"content":{"rendered":"

<\/a> **#2 EXCLUSIVE- It looks like we\u2019re not quite going to make our deficit target: <\/strong>The Finance Ministry is planning to amend the FY2018-19 budget deficit target at the end of the month on projections that we may \u2014 just barely \u2014 miss it, a government source told Enterprise. The deficit for the year is projected to fall to 8.6% of GDP, but the initial estimate was for a decline to 8.4%, the source said. The source blamed rising US interest rates and a spike in oil prices this year for the amended targets. Initial budget projections had assumed an oil price of USD 65\/bbl. Oil prices have been hovering in the USD 80 neighborhood since the summer, prompting the Madbouly government to look into hedging strategies.<\/p>\n

You had best be paying your taxes: <\/strong>The source said the ministry\u2019s strategy to keep the budget on target this time will be to \u201censure the state gets what it is owed\u201d<\/strong> in addition to the state privatization program. The change in the deficit target is expected to be officially announced once the government releases macro indicators for 1Q2018-19, the official said.<\/p>\n","protected":false},"excerpt":{"rendered":"

**#2 EXCLUSIVE- It looks like we\u2019re not quite going to make our deficit target: The Finance Ministry is planning to amend the FY2018-19 budget deficit target at the end of the month on projections that we may \u2014 just barely \u2014 miss it, a government source told Enterprise. The deficit for the year is projected […]<\/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-624913","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"84cf5c2e-79a3-4f25-a38c-88b0e1f4340f","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[624906],"teaser":"","voice_url":""},"yoast_head":"\nIt looks like we\u2019re not quite going to make our deficit target - 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\/23\/it-looks-like-were-not-quite-going-to-make-our-deficit-target\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It looks like we\u2019re not quite going to make our deficit target\" \/>\n<meta property=\"og:description\" content=\"**#2 EXCLUSIVE- It looks like we\u2019re not quite going to make our deficit target: The Finance Ministry is planning to amend the FY2018-19 budget deficit target at the end of the month on projections that we may \u2014 just barely \u2014 miss it, a government source told Enterprise. 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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":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":624913,"position":1},"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":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":624913,"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 "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\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596260,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/22\/global-slowdown-could-hit-economic-growth-sources\/","url_meta":{"origin":624913,"position":3},"title":"Global slowdown could hit economic growth -sources","author":"enterpriseam admin","date":"22 August 2019","format":false,"excerpt":"EXCLUSIVE- Global slowdown could hit economic growth -sources: The Finance Ministry could revise down its growth projections to 6% from 6.5% due to the global economic slowdown, two government sources told us. The budget factored in average global growth at 3.3%, but this looks increasingly unlikely as global conditions continue\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\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627449,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/03\/finmin-ups-budget-deficit-figure-for-fy2017-18-to-10-2-from-9-8\/","url_meta":{"origin":624913,"position":4},"title":"FinMin ups budget deficit figure for FY2017-18 to 10.2% from 9.8%","author":"enterpriseam admin","date":"3 June 2018","format":false,"excerpt":"EXCLUSIVE- Expect the FY2017-18 budget to target a deficit of 10.2%, up from the 9.8% initially forecast: The Finance Ministry will reportedly hike its projected budget deficit to 10.2% for the current FY2017-18 from an initial target of 9.8%, government sources tell Enterprise. This is still an improvement over 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":599001,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/","url_meta":{"origin":624913,"position":5},"title":"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"Gov\u2019t looking at USD 65-70\/bbl in fuel hedge contracts set to take effect in July: The finance and oil ministries have started renegotiating the USD 70\/bbl price they had agreed on under fuel hedging contracts set to take effect next month, a government source told the local press. 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