{"id":626614,"date":"2018-07-08T04:11:32","date_gmt":"2018-07-08T04:11:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/"},"modified":"2018-07-08T04:11:32","modified_gmt":"2018-07-08T04:11:32","slug":"egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/","title":{"rendered":"Egypt achieves EGP 4 bn budget surplus for first time in 15 years"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Egypt records full-year primary budget surplus for first time in 15 years in FY2017-18: <\/strong>Egypt achieved a primary budget surplus of EGP 4 bn in FY2017-18, its first in 15 years, according to <u><a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release-b-5-7-2018.aspx\">a Finance Ministry statement<\/a><\/u>. The figure translates to around 0.2% of GDP, Finance Minister Mohamed Maait <u><a href=\"https:\/\/www.reuters.com\/article\/egypt-economy\/update-2-egypt-says-has-primary-budget-surplus-as-seeks-to-revive-economy-idUSL8N1U12CA\">told the press on Thursday<\/a><\/u>, adding that the overall budget deficit is expected to have narrowed to 9.8% for the fiscal year just ended, \u201cslightly above the 9.1% [the government] said last year it was targeting.\u201d The Cabinet and House of Representatives had <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/13\/egypt-achieves-egp-2-bn-primary-budget-surplus-during-11m17-18\/\">signed off last month<\/a><\/u> on a EGP 70 bn overdraft for the current fiscal year to cover \u201cnecessary expenditures,\u201d including importing fuel at higher prices than had been anticipated. Former finance Minister Amr El Garhy had said that the overdraft would not impact the target deficit for the year.<\/p>\n<p>Building on the foundation set by Amr El Garhy, <strong>the Madbouly government is aiming for a primary surplus of 2% of GDP in FY2018-19<\/strong>, Maait added, on total revenues of around EGP 989 bn.<\/p>\n<p>Although Egypt is looking to wean itself off debt in the long run, <strong>Maait suggests that foreign-denominated bond issuance was coming in FY2018-19. <\/strong>The ministry still needs to set the size, scope and terms of the issuance with the Cabinet before announcing anything on this, he added.<\/p>\n<p><strong>Upcoming regulatory changes:<\/strong> The Finance Ministry is looking at what legislative and regulatory change will have to take place before the government issues <strong>sukuks<\/strong> (shariah-compliant bonds), Maait also said. Maait <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/05\/finmin-wants-to-start-selling-govt-bonds-on-the-egx-this-fiscal-year\/\">had previously told us<\/a><\/u> a sukuk offering was unlikely to be feasible this fiscal year. The ministry is also planning to institute <strong>amendments to the tax code<\/strong> in the coming two weeks, in time to catch what\u2019s left of the House of Representatives\u2019 current session, Maait said at a press conference. The change will focus on late payment of taxes and interest on overdue fees, Tax Authority boss Emad Samy <u><a href=\"https:\/\/alborsanews.com\/2018\/07\/05\/1113845\">reportedly said<\/a><\/u> at the same conference.<\/p>\n<p><strong>A faint signal that reform of the public service may be in the works? <\/strong>President Abdel Fattah El Sisi directed the Finance Ministry last week to begin reassessing public sector wages as part of the government\u2019s administrative reform drive, Maait said at the presser. He implied that public sector wages, which are covered under the Civil Service Act, are a mess, calling them \u201cdysfunctional.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt records full-year primary budget surplus for first time in 15 years in FY2017-18: Egypt achieved a primary budget surplus of EGP 4 bn in FY2017-18, its first in 15 years, according to a Finance Ministry statement. The figure translates to around 0.2% of GDP, Finance Minister Mohamed Maait told the press on Thursday, adding [&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-626614","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1d121b27-bbb2-4d90-a810-4b7dbdf5bccc","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[626606],"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>Egypt achieves EGP 4 bn budget surplus for first time in 15 years - 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\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt achieves EGP 4 bn budget surplus for first time in 15 years\" \/>\n<meta property=\"og:description\" content=\"Egypt records full-year primary budget surplus for first time in 15 years in FY2017-18: Egypt achieved a primary budget surplus of EGP 4 bn in FY2017-18, its first in 15 years, according to a Finance Ministry statement. The figure translates to around 0.2% of GDP, Finance Minister Mohamed Maait told the press on Thursday, adding [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-08T04:11:32+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\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt achieves EGP 4 bn budget surplus for first time in 15 years\",\"datePublished\":\"2018-07-08T04:11:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/\"},\"wordCount\":400,\"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\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/egypt-achieves-egp-4-bn-budget-surplus-for-first-time-in-15-years\/\",\"name\":\"Egypt achieves EGP 4 bn budget surplus for first time in 15 years - 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The overall deficit also narrowed to 7.8%, down from 9.3% in the same\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":568021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/egypts-primary-surplus-at-egp-5-2-bn-in-4m2020-2021-maait\/","url_meta":{"origin":626614,"position":1},"title":"Egypt\u2019s primary surplus at EGP 5.2 bn in 4M2020-2021: Maait","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"Egypt recorded a primary surplus of EGP 5.2 bn in 4M2020-2021, down from EGP 14.7 bn, Finance Minister Mohamed Maait said yesterday, according to a Cabinet statement. This is a touch lower than the EGP 5.5 bn surplus Maait cited in an interview with Al Arabiya last month. 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Positive indicators from\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":635571,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/07\/overall-budget-deficit-declines-to-2-of-gdp-in-1qfy2017-18-from-2-2-in-last-fiscal-year\/","url_meta":{"origin":626614,"position":4},"title":"Overall budget deficit declines to 2% of GDP in 1QFY2017-18 from 2.2% in last fiscal year","author":"enterpriseam admin","date":"7 December 2017","format":false,"excerpt":"Egypt recorded an overall budget deficit of EGP 85.3 bn for the first quarter of FY2017-18,or around 2% of GDP, compared to 2.2% (EGP 76.8 bn) in the same period last year, the Finance Ministry announced yesterday (pdf). Inflows into state coffers rose 33% y-o-y to EGP 129 bn during\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":602001,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/17\/egypt-records-budget-surplus-0-5-of-gdp-in-7m2018-19\/","url_meta":{"origin":626614,"position":5},"title":"Egypt records budget surplus 0.5% of GDP in 7M2018-19","author":"enterpriseam admin","date":"17 March 2019","format":false,"excerpt":"Primary budget surplus of 0.5% of GDP in 7M2018-19: Egypt recorded a primary budget surplus of EGP 24 bn (or 0.5% of GDP) during 7M2018-19, compared to a deficit of EGP 13 bn a year earlier, the Finance Ministry said in its February monthly bulletin. The budget deficit during the\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626614","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=626614"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626614\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626606"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626614"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626614"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}