{"id":626406,"date":"2018-07-02T04:15:49","date_gmt":"2018-07-02T04:15:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/02\/what-were-tracking-on-02-july-2018\/"},"modified":"2018-07-02T04:15:49","modified_gmt":"2018-07-02T04:15:49","slug":"what-were-tracking-on-02-july-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/02\/what-were-tracking-on-02-july-2018\/","title":{"rendered":"What we\u2019re tracking on 02 July 2018"},"content":{"rendered":"

Welcome to FY2018-19:<\/strong> We are now officially in the state\u2019s FY2018-19 fiscal year, and the Finance Ministry has welcomed the start of the new year with its customary statement<\/a><\/u>. This year\u2019s budget projects GDP growing at 5.8%, with spending reaching a record EGP 1.4 tn. It also targets a deficit of 8.4% of GDP and a primary deficit surplus of 2%. Finance Minister Mohamed Maait played up the social spending aspect of the new budget, noting that outlays for education and healthcare will reach EGP 257.7 bn, up almost 16% from EGP 222 bn in FY2017-18. Spending on commodity subsidies will ring in at about EGP 86.2 bn. The government has already cut fuel, electricity, water and metro ticket subsidies over the past few months \u2014 and has telegraphed that another wave of subsidy cuts is coming later this budget year. President Abdel Fattah El Sisi has yet to ratify the FY2018-19 budget, which passed the House of Representatives nearly a month ago<\/a><\/u>. You can read our refresher here<\/a><\/u>.<\/p>\n

LEGISLATION WATCH- The House Budget Committee will begin debate of amendments to the Customs Act today<\/strong>, Al Mal reports<\/a><\/u>. The draft law, which received Cabinet sign-off in February, is expected to slash custom duties on capital goods to 2% from a current 5% and expand temporary exemptions for production inputs and packaging equipment. The law also includes provisions designed to curb customs evasion. The latest draft also includes measures designed to facilitate the flow of goods through Egypt\u2019s ports, including establishing a \u201cwhite list\u201d of importers eligible to benefit from expedited clearance of goods, sources had told us previously<\/a><\/u>.<\/p>\n

The Madbouly Cabinet will present its policy program to the House of Representatives tomorrow<\/strong>, Al Mal reports<\/a><\/u>. Among its priorities: the war against terror, pressing ahead with its economic reform agenda, expanding social programs and shoring up the social safety net, improving the quality of education and healthcare, and maintaining \u201cbalanced\u201d foreign relations, Ahram Gate reports<\/a><\/u>. The program will then be the subject of debate at a plenary session <\/strong>of the House on 9 July, sources tell the newspaper.<\/p>\n

Shuffle of governors expected this week? <\/strong>Prime Minister Mostafa Madbouly sent his list of candidates to the president for review last week. Government sources said at the time the shuffle would be announced last week, suggesting that as many as 15 of 27 governorates could be run by new faces.<\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to FY2018-19: We are now officially in the state\u2019s FY2018-19 fiscal year, and the Finance Ministry has welcomed the start of the new year with its customary statement. This year\u2019s budget projects GDP growing at 5.8%, with spending reaching a record EGP 1.4 tn. It also targets a deficit of 8.4% of GDP and […]<\/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":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626406","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"df9484f6-4675-45c3-8077-d32f0b20c549","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[626404],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 02 July 2018 - 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\/07\/02\/what-were-tracking-on-02-july-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 02 July 2018\" \/>\n<meta property=\"og:description\" content=\"Welcome to FY2018-19: We are now officially in the state\u2019s FY2018-19 fiscal year, and the Finance Ministry has welcomed the start of the new year with its customary statement. 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The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\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":569021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egypts-govt-records-budget-deficit-of-3-8-in-1h2019-20-report\/","url_meta":{"origin":626406,"position":1},"title":"Egypt\u2019s gov\u2019t records budget deficit of 3.8% in 1H2019-20- report","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"BUDGET WATCH- Gov\u2019t records budget deficit of 3.8% in 1H2019-2020: The Finance Ministry\u2019s semi-annual fiscal performance report showed a budget deficit of EGP 236.7 bn (3.8% of GDP) in the first half of FY2019-2020, compared to EGP 186.7 bn (3.6%) in July-December of FY2018-2019. Revenues for the period came at\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\/2\/146.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630230,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/","url_meta":{"origin":626406,"position":2},"title":"Budget debate officially kicks off at the House","author":"enterpriseam admin","date":"16 April 2018","format":false,"excerpt":"BUDGET WATCH- House budget debate leaks to Twitter overnight: Previously unreleased figures for the FY2018-19 budget, including details on subsidy cuts and health and education spending, were posted to Twitter overnight courtesy of House of Representative Budget Committee member MP Heytham El Hariri. The numbers El Hariri tweeted vary widely\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":631886,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/29\/pm-receives-fy2018-19-budget-for-review-before-shipping-it-off-to-the-house-by-31-march\/","url_meta":{"origin":626406,"position":3},"title":"PM receives FY2018-19 budget for review before shipping it off to the House by 31 March","author":"enterpriseam admin","date":"29 March 2018","format":false,"excerpt":"BUDGET WATCH- New state budget with prime minister, due to House on Saturday: The Finance Ministry handed the state\u2019s FY2018-19 budget over to Prime Minister Sherif Ismail yesterday for review before it\u2019s sent to the House of Representatives on Saturday, 31 March. As we noted on Monday, the budget includes\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":600845,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/","url_meta":{"origin":626406,"position":4},"title":"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"EXCLUSIVE- FinMin\u2019s draft FY2019-20 state budget sees spending at EGP 1.5 tn: The draft FY2019-20 state budget forecasts government spending at EGP 1.5 tn, a senior government official tells us. Public wages will account for EGP 294.9 bn of total spending, up from EGP 266 bn in the current fiscal\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":630075,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/govt-to-cut-fuel-subsidies-increase-food-subsidies-in-fy2018-19\/","url_meta":{"origin":626406,"position":5},"title":"Gov\u2019t to cut fuel subsidies, increase food subsidies in FY2018-19","author":"enterpriseam admin","date":"11 April 2018","format":false,"excerpt":"BUDGET WATCH- More food subsidies, less spent on energy in FY2018-19: The government aims to reduce fuel subsidies by about 26% y-o-y to EGP 89.08 bn in FY2018-19, according to a government document referenced by Reuters. The budget also reduces electricity subsidies by almost half to EGP 16 bn from\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\/626406","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=626406"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626406\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626404"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626406"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626406"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}