{"id":628465,"date":"2018-05-06T04:20:24","date_gmt":"2018-05-06T04:20:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/"},"modified":"2018-05-06T04:20:24","modified_gmt":"2018-05-06T04:20:24","slug":"house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/","title":{"rendered":"House Budget Committee holds hearings with ministers on FY2018-19 budget"},"content":{"rendered":"<p><strong>BUDGET WATCH- House Budget Committee holds hearings with ministers on FY2018-19 budget:<\/strong> The House of Representatives\u2019 Budget Committee held a series of hearings on Saturday with cabinet ministers to discuss <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\">the FY2018-19 budget<\/a>. Finance Minister Amr El Garhy spoke about his optimism on the state of the economy and the long term objectives of the economic reforms, which he says aims to achieve a sustainable growth of 6-7%. El Garhy reiterated some highlights of the budget, which included seeing state revenues grow to EGP 989 bn from EGP 813 bn. He sees tax revenues increasing to EGP 770 bn from EGP 620 bn, <a href=\"http:\/\/www.almalnews.com\/Story\/374902\/14\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A3%D9%85%D8%A7%D9%85-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A8%D8%AF%D8%A3-%D9%8A%D9%86%D9%85%D9%88-%D9%88%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85-%D8%AA%D8%AD%D8%AA-%D8%A7%D9%84%D8%B3%D9%8A%D8%B7%D8%B1%D8%A9-\">according to Al Mal<\/a>.<\/p>\n<p><strong>New fees and taxes under the Universal Healthcare Act will be collected in FY2018-19: <\/strong>Perhaps the most interesting tidbit out of the sessions was the revelation that the new taxes imposed by the Universal Healthcare Act to pay for the system come into effect nationwide in the next fiscal year, according to statements by Budget Committee chair Hussein Eissa <a href=\"http:\/\/www.almalnews.com\/Story\/374920\/14\/%D9%85%D9%88%D8%A7%D8%B9%D9%8A%D8%AF-%D8%AA%D8%AD%D8%B5%D9%8A%D9%84-%D8%A7%D9%84%D8%B1%D8%B3%D9%88%D9%85-%D8%A7%D9%84%D9%85%D9%82%D8%B1%D8%B1%D8%A9-%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D8%B5%D8%AD%D9%8A-%D8%A7%D9%84%D8%B4%D8%A7%D9%85%D9%84\">picked up by Al Mal<\/a>. While he only names the EGP 0.75% sin tax all cigarette packs sold and the 10% tax on all other tobacco products, the law itself imposes taxes on the healthcare sector as well as the wider economy.<\/p>\n<p><strong>Paying for the healthcare system:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2017\/12\/19\/universal-healthcare-act-passes-the-house\/\">Under the law<\/a>, all companies, whether private or public and regardless of size, will have to pay a 0.0025% tax on revenues to help fund the system. Hospitals and clinics will pay a tax of EGP 1,000 for every bed they have. Healthcare sector operators will also have to pay between EGP 1,000 and EGP 15,000 in fees to become part of the health system. A 5% levy on hospital stays will also be imposed. The law imposes fees on issuing and renewing drivers licenses ranging from EGP 20 to EGP 300 and will direct a cut from highway tolls to the system.<\/p>\n<p>Rady again noted that <strong>the new healthcare system will roll out in Port Said in July<\/strong>, with the state footing the bill for 4% of healthcare costs there, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1904283.aspx\">reports Ahram Gate<\/a>.<\/p>\n<p><strong>Electricity subsidy cuts coming across the board: <\/strong>Electricity Minister Mohamed Shaker insisted that the 47% cut in electricity subsidies next fiscal year will see price rises hit all consumption tiers. <a href=\"http:\/\/www.almalnews.com\/Story\/374924\/59\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8%A8%D8%A8%D9%82%D9%89-%D9%85%D8%B6%D8%A7%D9%8A%D9%82-%D9%88%D8%A3%D9%86%D8%A7-%D8%A3%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D9%88%D9%84%D8%A7-%D9%8A%D9%85%D9%83%D9%86-%D8%AA%D8%AB%D8%A8%D9%8A%D8%AA%D9%87%D8%A7\">His statement<\/a> came in response to a suggestion by MPs that the lowest consumption tiers be exempted from the impact of the cuts. Industry will also be paying more, added Shaker, saying that prices for industry are cheaper than in many other countries. As we noted last month, the ministry is expected to <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/11\/power-prices-could-rise-by-as-much-as-45-in-july-for-top-tier-consumers-sources\/\">raise prices 30-45% for everyone in July<\/a>. Shaker also warned that those who do not pay for electricity next year will be cut off.<\/p>\n<p>Shaker also noted that the ministry is planning to <strong>build 11 new power plants in FY2018-19.<\/strong><\/p>\n<p><strong>Egypt will stop importing natural gas starting from next year, said Oil Minister Tarek El Molla<\/strong> at the hearings. He added that his ministry will focus on developing Egypt\u2019s refining capacity over the next four years with an eye to reducing imports of fuel 30%, <a href=\"http:\/\/www.almalnews.com\/Story\/374935\/59\/%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D8%AA%D8%B3%D8%AA%D9%85%D8%B9-%D9%84%D9%88%D8%B2%D9%8A%D8%B1%D9%8A-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D9%88%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8%A8%D8%B4%D8%A3%D9%86-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF\">according to Al Mal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUDGET WATCH- House Budget Committee holds hearings with ministers on FY2018-19 budget: The House of Representatives\u2019 Budget Committee held a series of hearings on Saturday with cabinet ministers to discuss the FY2018-19 budget. Finance Minister Amr El Garhy spoke about his optimism on the state of the economy and the long term objectives of the [&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-628465","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0cbbb600-7022-4708-93b4-8e091b3e1970","order":"0","is_powered_by":true,"section_story_id":"2aa6b4e5-012c-4d4f-b603-854ccfbb7dd2","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628451],"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>House Budget Committee holds hearings with ministers on FY2018-19 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\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House Budget Committee holds hearings with ministers on FY2018-19 budget\" \/>\n<meta property=\"og:description\" content=\"BUDGET WATCH- House Budget Committee holds hearings with ministers on FY2018-19 budget: The House of Representatives\u2019 Budget Committee held a series of hearings on Saturday with cabinet ministers to discuss the FY2018-19 budget. Finance Minister Amr El Garhy spoke about his optimism on the state of the economy and the long term objectives of the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-06T04:20:24+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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House Budget Committee holds hearings with ministers on FY2018-19 budget\",\"datePublished\":\"2018-05-06T04:20:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/\"},\"wordCount\":518,\"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\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/06\/house-budget-committee-holds-hearings-with-ministers-on-fy2018-19-budget\/\",\"name\":\"House Budget Committee holds hearings with ministers on FY2018-19 budget - 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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":[]},{"id":630230,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/","url_meta":{"origin":628465,"position":1},"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 &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":629047,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/21\/mps-recommend-an-extra-egp-90-bn-in-expenses-in-fy2018-19\/","url_meta":{"origin":628465,"position":2},"title":"MPs recommend an extra EGP 90 bn in expenses in FY2018-19","author":"enterpriseam admin","date":"21 May 2018","format":false,"excerpt":"BUDGET WATCH- Spendthrift MPs want an additional EGP 90 bn in spending for the next budget: Parliamentary committees have recommended a total of EGP 90 bn in new spending under the FY2018-19 budget, Rep. Samir El Batikhytells Al Shorouk. Health and education get the lion\u2019s share of the new earmarks,\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":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":628465,"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 &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":628738,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/cabinet-agrees-to-allocate-additional-egp-2-6-bn-to-healthcare-in-fy2018-19-from-other-ministries-surplus\/","url_meta":{"origin":628465,"position":4},"title":"Cabinet agrees to allocate additional EGP 2.6 bn to healthcare in FY2018-19 from other ministries\u2019 surplus","author":"enterpriseam admin","date":"13 May 2018","format":false,"excerpt":"BUDGET WATCH- The Ismail Cabinet agreed to allocate an additional EGP 2.6 bn to the Health Ministry\u2019s investment budget for FY2018-19, Health Minister Ahmed Rady reportedly said on Thursday, Al Mal reports. The amount will be provided through existing surplus at other ministries, according to Rady, who did not provide\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":630075,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/govt-to-cut-fuel-subsidies-increase-food-subsidies-in-fy2018-19\/","url_meta":{"origin":628465,"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 &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\/628465","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=628465"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628465\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628451"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628465"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628465"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}