{"id":629464,"date":"2018-05-31T04:09:28","date_gmt":"2018-05-31T04:09:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/"},"modified":"2018-05-31T04:09:28","modified_gmt":"2018-05-31T04:09:28","slug":"cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/","title":{"rendered":"Cabinet signs off on EGP 70 bn overdraft for FY2017-18 state budget"},"content":{"rendered":"<p><strong>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<\/strong> <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/cabinet-meeting-no-121.aspx\">according to a statement<\/a>. The statement does not provide further details on the decision, but Vice Minister of Finance Mohamed Maait <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/20\/govt-preparing-to-tweak-budget-for-higher-oil-prices\/\">had told Enterprise last week<\/a> that Cabinet was looking into raising the budget\u2019s overdraft on account of higher oil prices. The government had assumed oil would average EGP 55\/bbl but Egypt <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/30\/is-govt-hinting-fuel-prices-could-rise-more-than-previously-expected\/\">has reportedly been importing fuel<\/a> at USD 75\/bbl as oil now trading at a high not seen since 2014.<\/p>\n<p><strong>The Council of Ministers also signed off on a <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/22\/egypt-and-world-bank-sign-usd-500-mn-education-reform-loan-as-spring-meetings-wrap-up-in-dc\/\"><strong>USD 500 mn loan agreement<\/strong><\/a><strong> with the World Bank<\/strong> aimed at supporting the state\u2019s K-12 educational reform strategy. The new system will be implemented as of the new academic year starting in September for kindergarten and students in the first years of primary and secondary education. The Education Ministry plans to do away with the education system currently in place by 2026, minister Tarek Shawki <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/30\/teachers-salaries-are-the-biggest-drain-on-the-education-ministrys-budget-says-shawki\/\">had said earlier this week<\/a>. The revamp is expected to cost a total USD 2 bn when all is said and done.<\/p>\n<p><strong>New financing for development of electricity grid:<\/strong> The government has allocated EGP 25 bn to develop the country\u2019s electricity grid over the next two years, Electricity Minister Mohamed Shaker told reporters yesterday, according to <a href=\"http:\/\/d1y99r0ynoudrd.cloudfront.net\/news\/details\/1296190\">Al Masry Al Youm<\/a>. Ministers also signed off on a USD 198 mn loan from the Arab Fund for Economic and Social Development earmarked for the nation\u2019s power grid.<\/p>\n<p>Also at yesterday\u2019s cabinet meeting, ministers approved:<\/p>\n<ul>\n<li>The Military Production Ministry\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/10\/military-production-authority-signs-mou-with-chinas-gcl-group-to-establish-solar-panel-factory\/\">MoU with China\u2019s GCL Group<\/a> to establish a <strong>USD 2 bn solar panel factory<\/strong>; <\/li>\n<li>Taking the necessary measures to select a company to <strong>manage and operate the Grand Egyptian Museum<\/strong>; <\/li>\n<li>A bundle of decisions and recommendations from the ministerial committee for the<strong> resolution of investment disputes<\/strong>;<\/li>\n<li><strong>A presidential pardon for an unspecified number of prisoners<\/strong> ahead of Eid Al Fitr. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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 Cabinet was looking into raising [&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-629464","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7cea4ede-c5f9-468c-a87b-80027082b312","order":"0","is_powered_by":true,"section_story_id":"6affadfc-9252-43d5-a1f4-14afe10279d8","story_type":"1","photo_url":"","photo_position":"above","related_issue":[629451],"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>Cabinet signs off on EGP 70 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\/05\/31\/cabinet-signs-off-on-egp-70-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=\"Cabinet signs off on EGP 70 bn overdraft for FY2017-18 state budget\" \/>\n<meta property=\"og:description\" content=\"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 Cabinet was looking into raising [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-31T04:09:28+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\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Cabinet signs off on EGP 70 bn overdraft for FY2017-18 state budget\",\"datePublished\":\"2018-05-31T04:09:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/\"},\"wordCount\":336,\"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\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/31\/cabinet-signs-off-on-egp-70-bn-overdraft-for-fy2017-18-state-budget\/\",\"name\":\"Cabinet signs off on EGP 70 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":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":629464,"position":1},"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 &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":628087,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/parliament-signs-off-on-egp-70-3-bn-overdraft-for-fy2017-18-state-budget\/","url_meta":{"origin":629464,"position":2},"title":"Parliament signs off on EGP 70.3 bn overdraft for FY2017-18 state budget","author":"enterpriseam admin","date":"25 June 2018","format":false,"excerpt":"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\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":629464,"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":629410,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/is-govt-hinting-fuel-prices-could-rise-more-than-previously-expected\/","url_meta":{"origin":629464,"position":4},"title":"Is gov\u2019t hinting fuel prices could rise more than previously expected?","author":"enterpriseam admin","date":"30 May 2018","format":false,"excerpt":"Is gov\u2019t hinting fuel prices could rise more than previously expected? The Ismail Cabinet has reportedly been importing fuel at a price of USD 75\/bbl, according to documents, which state-owned Ahram Online claims to have obtained. As a result, the government is expected to pay EGP 103.8 bn for fuel\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":629464,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629464","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=629464"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629464\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629451"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629464"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629464"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}