{"id":628087,"date":"2018-06-25T04:52:54","date_gmt":"2018-06-25T04:52:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/"},"modified":"2018-06-25T04:52:54","modified_gmt":"2018-06-25T04:52:54","slug":"parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/","title":{"rendered":"Parliament signs off on EGP 70.3 bn overdraft for FY2017-18 state budget"},"content":{"rendered":"<p><strong>BUDGET WATCH-<\/strong> <strong>Parliament signed off yesterday on a EGP 70.3 bn overdraft for the FY2017-18 state budget<\/strong>, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1972655.aspx\">Ahram Gate reports<\/a>. The overdraft was in large part necessary to cover <strong>higher debt service rates, which alone account for EGP 57 bn<\/strong>. Other expenditures included EGP 2.3 bn in compensations to North Sinai residents as a result of the insurgency in the area. Parliament\u2019s report on the overdraft makes no mention of higher fuel prices, which Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/20\/govt-preparing-to-tweak-budget-for-higher-oil-prices\/\">had previously told Enterprise<\/a> were a reason the government had requested the overdraft.<\/p>\n<p><strong>Parliament also approved extending the state of emergency <\/strong>for an additional three months, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1302237\">Al Masry Al Youm reports<\/a>. The state of emergency has been renewed every three months since April 2017.<\/p>\n<p><strong>MPs also approved several loan and grant agreements over the weekend<\/strong>, <a href=\"https:\/\/ent.news\/2018\/6\/936.pdf\">the Investment and International Cooperation Ministry said (pdf)<\/a>, including:<\/p>\n<ul>\n<li>A USD 3 bn agreement with the International Islamic Trade Finance Corporation to finance the purchase of basic goods and commodities, which Investment Minister Sahar Nasr <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/31\/investment-ministry-and-itfc-sign-usd-3-bn-agreement-for-essential-commodities\/\">signed in January<\/a>;<\/li>\n<li>A third<a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/18\/afdb-approved-third-usd-500-mn-tranche-of-the-usd-1-5-bn-loan\/\">USD 500 mn tranche<\/a> of the <a href=\"http:\/\/almalnews.com\/Story\/380225\/14\/%D8%A7%D9%84%D8%B4%D8%B1%D9%88%D8%B7-%D8%A7%D9%84%D9%83%D8%A7%D9%85%D9%84%D8%A9-%D9%84%D9%82%D8%B1%D8%B6-%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%A5%D9%81%D8%B1%D9%8A%D9%82%D9%8A-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-1-5-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\">USD 1.5 bn loan<\/a> the African Development Bank is disbursing as part of its economic governance and energy support program to Egypt;<\/li>\n<li>A <a href=\"https:\/\/enterprise.press\/stories\/2017\/12\/28\/ebrd-lends-egypt-usd-200-mn-to-improve-natural-gas-infrastructure\/\">USD 200 mn loan<\/a> the European Bank for Reconstruction and Development is extending to EGAS to improve natural gas infrastructure;<\/li>\n<li>A <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/07\/government-signs-usd-150-mn-financing-agreement-to-upgrade-sewage-plant\/\">USD 150 mn loan<\/a> with the African Development Bank to develop a sustainable development project for Abu Rawash sewage treatment plant;<\/li>\n<li>A<a href=\"https:\/\/www.youm7.com\/story\/2018\/6\/24\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D9%85%D9%86%D8%AD%D8%A9-%D8%A8%D9%80-50-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D8%AA%D8%AD%D8%B3%D9%8A%D9%86-%D9%85%D9%8A%D8%A7%D9%87\/3846122\">USD 50 mn grant<\/a> from the United States to support integrated water solutions.<\/li>\n<li>Three agreements with the US worth a combined USD 44 mn for education development;<\/li>\n<li>A <a href=\"https:\/\/enterprise.press\/stories\/2017\/12\/19\/egypt-signs-jpy-993-mn-grant-for-e-just-with-jica\/\">JPY 993 mn (USD 8.8 mn) grant agreement<\/a> from Japan for the Egypt-Japan University of Science and Technology;<\/li>\n<li>A USD 6 mn grant from the Korea International Cooperation Agency to fund an Egyptian-Korean university in Beni Suef;<\/li>\n<li>A <a href=\"https:\/\/enterprise.press\/stories\/2017\/11\/23\/egypt-to-receive-eur-500k-grant-for-transport-sector-support-from-fexte\/\">EUR 500k technical grant<\/a> for transport development from the French Development Agency.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>BUDGET WATCH- Parliament signed off yesterday on a EGP 70.3 bn overdraft for the FY2017-18 state budget, Ahram Gate reports. The overdraft was in large part necessary to cover higher debt service rates, which alone account for EGP 57 bn. Other expenditures included EGP 2.3 bn in compensations to North Sinai residents as a result [&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-628087","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"dcd33a7b-0406-4dc3-bd34-593ca5a08759","order":"0","is_powered_by":true,"section_story_id":"8a3b376b-9173-4e2f-aad4-d49f6b671955","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628075],"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>Parliament signs off on EGP 70.3 bn overdraft for FY2017-18 state budget - 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\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament signs off on EGP 70.3 bn overdraft for FY2017-18 state budget\" \/>\n<meta property=\"og:description\" content=\"BUDGET WATCH- Parliament signed off yesterday on a EGP 70.3 bn overdraft for the FY2017-18 state budget, Ahram Gate reports. The overdraft was in large part necessary to cover higher debt service rates, which alone account for EGP 57 bn. Other expenditures included EGP 2.3 bn in compensations to North Sinai residents as a result [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-25T04:52:54+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\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Parliament signs off on EGP 70.3 bn overdraft for FY2017-18 state budget\",\"datePublished\":\"2018-06-25T04:52:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/\"},\"wordCount\":321,\"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\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/\",\"name\":\"Parliament signs off on EGP 70.3 bn overdraft for FY2017-18 state budget - 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Cabinet had approved last month the overdraft to cover \u201cnecessary expenditures,\u201d the lion\u2019s share of which was likely importing fuel at higher\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":572660,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/house-planning-committee-approves-egp-80-bn-overdraft-for-egypts-fy2019-2020-budget\/","url_meta":{"origin":628087,"position":1},"title":"House Planning Committee approves EGP 80 bn overdraft for Egypt\u2019s FY2019-2020 budget","author":"enterpriseam admin","date":"5 July 2020","format":false,"excerpt":"BUDGET WATCH- The House Planning and Budgeting Committee on Wednesday signed off on a EGP 80 bn overdraft for the FY2019-2020 state budget, Al Masry Al Youm reported. The overdraft was required to pay off the Electricity Ministry\u2019s EGP 102 bn debt to the Oil Ministry and another EGP 50\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":629464,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/","url_meta":{"origin":628087,"position":2},"title":"Cabinet signs off on EGP 70 bn overdraft for FY2017-18 state budget","author":"enterpriseam admin","date":"31 May 2018","format":false,"excerpt":"CABINET WATCH- The Ismail Cabinet signed off yesterday on an EGP 70 bn overdraft for the FY2017-18 state budget to cover \u201cnecessary expenditures,\u201d according to a statement. The statement does not provide further details on the decision, but Vice Minister of Finance Mohamed Maait had told Enterprise last week that\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":627802,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/12\/egp-70-bn-overdraft-will-not-impact-budget-deficit-el-garhy\/","url_meta":{"origin":628087,"position":3},"title":"EGP 70 bn overdraft will not impact budget deficit - El Garhy","author":"enterpriseam admin","date":"12 June 2018","format":false,"excerpt":"BUDGET WATCH- Overdraft won\u2019t blow budget deficit target, El Garhy says. Some EGP 70 bn in overdraft spending for the soon-to-close FY2017-18 budget will not impact Egypt\u2019s targeted budget deficit for the year, said Finance Minister Amr El Garhy. The budget deficit is still on track to fall to 9.8%\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":573819,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/el-sisi-ratifies-egp-80-bn-overdraft-for-egypts-fy2019-2020-budget\/","url_meta":{"origin":628087,"position":4},"title":"El Sisi ratifies EGP 80 bn overdraft for Egypt\u2019s FY2019-2020 budget","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"President Abdel Fattah El Sisi has ratified a EGP 80 bn overdraft for the FY 2019-2020 state budget approved by the House last month. The overdraft, which will pay off the debt of state bodies, among other things, will not affect the state\u2019s overall deficit, Finance Minister Mohamed Maait said\u2026","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627845,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/13\/egypt-achieves-egp-2-bn-primary-budget-surplus-during-11m17-18\/","url_meta":{"origin":628087,"position":5},"title":"Egypt achieves EGP 2 bn primary budget surplus during 11M17-18","author":"enterpriseam admin","date":"13 June 2018","format":false,"excerpt":"Egypt delivered a primary budget surplus of EGP 2 bn in 11M17-18, compared to a deficit of EGP 47 bn in the same period the year before, Finance Minister Amr El Garhy said in a statement yesterday. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628087","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=628087"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628087\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628075"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628087"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628087"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}