{"id":630230,"date":"2018-04-16T04:20:33","date_gmt":"2018-04-16T04:20:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/"},"modified":"2018-04-16T04:20:33","modified_gmt":"2018-04-16T04:20:33","slug":"budget-debate-officially-kicks-off-at-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/","title":{"rendered":"Budget debate officially kicks off at the House"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>BUDGET WATCH-<\/strong> <strong>House budget debate leaks to Twitter overnight:<\/strong> Previously unreleased figures for the FY2018-19 budget, including details on subsidy cuts and health and education spending, were <a href=\"https:\/\/twitter.com\/HaithamElhariri\/status\/985276914972741632\">posted to Twitter<\/a> overnight courtesy of House of Representative Budget Committee member MP Heytham El Hariri. The numbers El Hariri tweeted vary widely in places from those noted prior in earlier media reports and official statements. The figures appear to be from a summary copy of the budget that the Ismail Cabinet sent to the House. <a href=\"https:\/\/pbs.twimg.com\/media\/Daxnb_qWAAAmi2v.jpg\">Overall spending on subsidies and welfare<\/a> will reach EGP 332.29 bn, with <strong>total subsidy spending alone falling 3.8% y-o-y to EGP 213.76 bn<\/strong>. Other key figures highlighted in the release include:<\/p>\n<ul>\n<li><strong>Fuel subsidies:<\/strong> The government is cutting fuel subsidies 19.1% to EGP 89.08 bn. <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/11\/govt-to-cut-fuel-subsidies-increase-food-subsidies-in-fy2018-19\/\">Reuters had said last week<\/a> in a report on subsidy cuts that fuel subsidy costs would be cut 26%.<\/li>\n<li><strong>Electricity subsidies:<\/strong> These would be cut by 46.6% to EGP 16 bn next fiscal year.<\/li>\n<li><strong>Commodity subsidies:<\/strong> Spending on commodity subsidies is expected to grow a whopping 36.6% in FY2018-19 to EGP 86.18 bn, far greater than the 5% reported by Reuters. <\/li>\n<li><strong>Export subsidies:<\/strong> Spending on export subsidies will grow a substantial 53.8% to EGP 4 bn. <\/li>\n<li><strong>Welfare spending:<\/strong> Overall <a href=\"https:\/\/pbs.twimg.com\/media\/DaxoHCeXcAIllg4.jpg\">spending on social welfare<\/a> will fall 0.5% to EGP 298.94 bn, with public sector wages growing marginally to EGP 2.06 bn. <\/li>\n<li><strong>Health and Education spending: <\/strong>The <a href=\"https:\/\/pbs.twimg.com\/media\/Daxn1K_WsAEuEW1.jpg\">budget for healthcare<\/a> will grow 12.5% y-o-y to EGP 61.81 bn, while <a href=\"https:\/\/pbs.twimg.com\/media\/Daxnec2X4AEVoOd.jpg\">spending on education<\/a> will grow 8% to EGP 115.66 bn in FY2018-19.<\/li>\n<li><a href=\"https:\/\/pbs.twimg.com\/media\/DaxnZvLXcAA1uFV.jpg\"><strong>Debt service<\/strong><\/a> will jump 42% y-o-y next fiscal year to EGP 541.31 bn. <\/li>\n<\/ul>\n<p>Meanwhile: <strong>The government sees revenues from tax collections rising 23.4% y-o-y in FY2018-19 to the equivalent of14.7% of GDP<\/strong>,Finance Minister Amr El Garhy told the House of Representatives on Sunday, <a href=\"http:\/\/almalnews.com\/Story\/372527\/14\/%D8%A7%D9%84%D8%AC%D8%A7%D8%B1%D8%AD%D9%8A-%D9%86%D8%AA%D9%88%D9%82%D8%B9-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D8%AD%D8%B5%D9%8A%D9%84%D8%A9-%D8%B6%D8%B1%D9%8A%D8%A8%D9%8A%D8%A9-%D8%A5%D9%84%D9%89-23-4%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9-%D9%81%D9%89-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9\">according to Al Mal<\/a>. A <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/15\/govt-budget-bridging-is-out-sees-inflation-dropping-to-low-of-10-in-fy2018-19\/\">pre-budget report released late last week<\/a> had suggested that tax receipts are projected to contribute EGP 770.3 bn to total state revenues of EGP 989.2 bn in FY2018-19, as the government seeks to expand its tax base, mainly through financial inclusion initiatives that aim to encourage SMEs to join the formal economy. We noted yesterday that the new budget sees inflation dropping to lows of 10%, GDP growing at 5.8%, and the budget deficit narrowing to 8.4%.<\/p>\n<p>The fear in the business community, naturally, is that it is <strong>easier for lower-level bureaucrats with significant tax-collection targets to put the squeeze on current taxpayers than it is to broaden the tax base <\/strong>by giving the informal economy incentives to go legit.<\/p>\n<p><strong>The government is also focused on rationalizing spending and reducing its debt levels, <\/strong>according to El Garhy, who said that the new fiscal year will see unutilized state assets and resources put to work, which should help the government achieve its target primary budget surplus of 2%. El Garhy was joined by <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1281615\">Planning Minister Hala El Said<\/a> in briefing MPs as the House budget debates officially kicked off yesterday.Parliament Speaker Ali Abdel Aal <a href=\"https:\/\/www.youm7.com\/story\/2018\/4\/15\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%AD%D9%8A%D9%84-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9-%D9%84%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D8%AE%D8%B7%D8%A9-%D9%8A%D8%A4%D9%83%D8%AF-%D8%B3%D8%AA%D8%AE%D8%B1%D8%AC-%D8%A3%D8%A8%D9%88%D8%A7%D8%A8%D8%A7\/3744843\">referred the FY2018-19 state budget<\/a> to the House Budget Committee.<\/p>\n<p><strong>Early reactions to the budget in House appear mixed.<\/strong> El Hariri had been the most vocal critic on the Budget Committee \u2014 not surprising, since he is a member of the House Club of Trolls otherwise known as the 25-30 Coalition. He criticized heavy spending on debt service, which came at the expense of outlays on health and education, <a href=\"http:\/\/www.almalnews.com\/Story\/372544\/19\/%D8%AA%D8%A8%D8%A7%D9%8A%D9%86-%D9%81%D9%8A-%D8%A2%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AA%D9%85%D9%87%D9%8A%D8%AF%D9%89-%D9%84%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9\">according to Al Mal<\/a>. El Hariri appears to not like inflows of USD, as he also criticized increases in export subsidies spending. How he made on that committee, we don\u2019t know. House Economic Committee member Amr El Gohary called on ministers to explain how the government plans to reduce public debt, and how it plans to reduce unemployment beyond its stated sub-11% target.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 in places from those noted [&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-630230","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3530e14c-4212-4e8a-9fb1-908e4af39514","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[630223],"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>Budget debate officially kicks off at the House - 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\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget debate officially kicks off at the House\" \/>\n<meta property=\"og:description\" content=\"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 in places from those noted [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-16T04:20:33+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\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Budget debate officially kicks off at the House\",\"datePublished\":\"2018-04-16T04:20:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\"},\"wordCount\":616,\"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\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/16\/budget-debate-officially-kicks-off-at-the-house\/\",\"name\":\"Budget debate officially kicks off at the House - 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Fuel subsidies spending\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":591526,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/09\/egypts-fuel-subsidy-spending-falls-69-y-o-y-in-1q2019-2020\/","url_meta":{"origin":630230,"position":1},"title":"Egypt\u2019s fuel subsidy spending falls 69% y-o-y in 1Q2019-2020","author":"enterpriseam admin","date":"9 December 2019","format":false,"excerpt":"BUDGET WATCH- Fuel subsidy spending plunges in 1Q2019-2020: Government spending on fuel subsidies fell 69% y-o-y in 1Q2019-2020 to EGP 7.25 bn from EGP 23.25 bn in 1Q2018-2019, Oil Minister Tarek El Molla said yesterday, according to Reuters. Egypt has moved to gradually reduce fuel subsidy spending over the past\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":566014,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/govt-to-slash-subsidies-doled-out-to-help-water-companies-cover-expenses\/","url_meta":{"origin":630230,"position":2},"title":"Gov\u2019t to slash subsidies doled out to help water companies cover expenses","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"State water companies will no longer be getting subsidies from the state to cover their spending shortfall starting next fiscal year, according to the FY2021-2022 draft budget (pdf). The final subsidy payment to those companies, some EGP 750 mn, is expected to be received by the end of the ongoing\u2026","rel":"","context":"In &quot;SPEED ROUND: BUDGET WATCH&quot;","block_context":{"text":"SPEED ROUND: BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/420.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570945,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypt-nearly-halves-fuel-subsidy-spending-in-2020-2021-budget\/","url_meta":{"origin":630230,"position":3},"title":"Egypt nearly halves fuel subsidy spending in 2020-2021 budget","author":"enterpriseam admin","date":"23 April 2020","format":false,"excerpt":"FinMin nearly halves projected fuel subsidy spending in 2020-2021 budget: The Finance Ministry is allocating EGP 28.1 bn to subsidies for petroleum products in FY2020-2021, down by nearly half from EGP 52.9 bn in FY2019-2020 forecasts, according to figures obtained by Masrawy. Prior subsidy cuts, the collapse in global oil\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":594640,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/fuel-subsidy-spending-falls-30-in-fy-2018-2019-beating-govt-targets\/","url_meta":{"origin":630230,"position":4},"title":"Fuel subsidy spending falls 30% in FY 2018\/2019, beating gov\u2019t targets","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"Fuel subsidy spending falls 30% in FY2018-2019, beating gov\u2019t targets: The government\u2019s fuel subsidies bill fell 30% in FY2018-2019, beating spending targets outlined in the state budget, an Oil Ministry official told Reuters. Fuel subsidy spending last year came in at EGP 85 bn, EGP 4 bn lower than 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":546658,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/subsidies-social-safety-net-allocations-dominate-house-budget-debate\/","url_meta":{"origin":630230,"position":5},"title":"Subsidies + social safety net allocations dominate House budget debate","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"MPs raise flags on FY 2022-2023 budget allocations for subsidy + social safety net spending: Members of the House Planning and Budgeting Committee appear to be divided on whether the state should be upping its spend on commodity subsidies and expanding social safety programs, particularly as the Russia-Ukraine war has\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/317.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630230","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=630230"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630230\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630223"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630230"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630230"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}