{"id":630652,"date":"2018-04-29T04:08:27","date_gmt":"2018-04-29T04:08:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/29\/finance-ministry-not-planning-to-amend-budget-to-reflect-increase-in-global-oil-prices\/"},"modified":"2018-04-29T04:08:27","modified_gmt":"2018-04-29T04:08:27","slug":"finance-ministry-not-planning-to-amend-budget-to-reflect-increase-in-global-oil-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/29\/finance-ministry-not-planning-to-amend-budget-to-reflect-increase-in-global-oil-prices\/","title":{"rendered":"Finance Ministry not planning to amend budget to reflect increase in global oil prices"},"content":{"rendered":"

<\/a> EXCLUSIVE- And speaking of FX stability: The next state budget assumes an average exchange rate of EGP 17.25 to the greenback<\/strong>, Vice Minister of Finance Mohamed Maait tells us. The proposed budget is currently with the House of Representatives for discussion. Our refresher on the proposed budget is here<\/a>.<\/p>\n

Finance Ministry not planning to amend budget to reflect increase in global oil prices:<\/strong> The Finance Ministry is unlikely to amend the FY2018-19 state budget to account for a recent spike in global oil prices, which have surged beyond the estimated USD 67 per bbl to around USD 75 per bbl, Maait told us. While higher oil prices could reflect negatively on Egypt\u2019s budget deficit estimates of 8.4% in FY2018-19, Maait said that \u201cthere is no need for amendments as long as the changes [to oil prices] remain within the estimated range set by the budget.\u201d He explained that the state found it unnecessary make changes the budget this fiscal year, despite the consecutive increases to crude oil prices. Higher oil prices have, however, forced the Finance Ministry to update its budget deficit forecasts<\/a> for the current fiscal year to 9.5-9.7% of GDP, up from 9.4% and an initial rate of 9%. Saudi Arabia has said that it was looking to see oil prices rise to as much as USD 100 per bbl<\/a> this year.<\/p>\n

House divided over budget? <\/strong>This comes as Al Shorouk reports of a division<\/a> between MPs over the FY2018-19 budget after a week of deliberation. While some representatives view it as Egypt\u2019s most ambitious budget to date, others have complained about a lack of coordination between the various ministries in setting out their goals and bills for the new year, the newspaper says.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- And speaking of FX stability: The next state budget assumes an average exchange rate of EGP 17.25 to the greenback, Vice Minister of Finance Mohamed Maait tells us. The proposed budget is currently with the House of Representatives for discussion. Our refresher on the proposed budget is here. Finance Ministry not planning to amend […]<\/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-630652","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2d03bab3-63b7-4c44-9b01-e14972227d7d","order":"0","is_powered_by":true,"section_story_id":"e518f16a-52f1-4846-9478-55c43194aa95","story_type":"1","photo_url":"","photo_position":"above","related_issue":[630645],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry not planning to amend budget to reflect increase in global oil prices - 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\/29\/finance-ministry-not-planning-to-amend-budget-to-reflect-increase-in-global-oil-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry not planning to amend budget to reflect increase in global oil prices\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- And speaking of FX stability: The next state budget assumes an average exchange rate of EGP 17.25 to the greenback, Vice Minister of Finance Mohamed Maait tells us. 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This comes two weeks after a government source told the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/661.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621897,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/egypts-budget-deficit-narrowed-to-1-9-in-1q18-19\/","url_meta":{"origin":630652,"position":1},"title":"Egypt\u2019s budget deficit narrowed to 1.9% in 1Q18-19","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"Egypt\u2019s budget deficit narrowed slightly to 1.9% during the first quarter of FY2018-19, down from 2% during the same period in the last fiscal year, Finance Minister Mohamed Maait said, according to Reuters. Maait said the narrowing of the deficit indicates that Egypt is on track to meet its budget\u2026","rel":"","context":"In "Speed Round"","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":569160,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/","url_meta":{"origin":630652,"position":2},"title":"Egypt hedged against rising oil prices this year, Maait confirms","author":"enterpriseam admin","date":"16 February 2020","format":false,"excerpt":"Egypt hedged against rising oil prices this year, Maait confirms: Egypt took out hedging contracts to guard against rising oil prices during the current fiscal year, Finance Minister Mohamed Maait confirmed in an interview with Bloomberg. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597140,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/","url_meta":{"origin":630652,"position":3},"title":"Egypt eyes setting crude price in hedging contract at USD 64-68","author":"enterpriseam admin","date":"17 July 2019","format":false,"excerpt":"Egypt eyes pricing crude at USD 64-68 in new hedging contract: Crude oil prices will be set at USD 64-68 per bbl in the government\u2019s fuel hedging contracts with international banks, which are due to be renewed soon for the new fiscal year, an unnamed government source estimated, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570413,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/","url_meta":{"origin":630652,"position":4},"title":"Government spending on health, education, wages and welfare is set to increase in FY2020-2021","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. Our math suggests government spending will increase 9% during the year in what Finance Minister Mohamed Maait called Egypt\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571766,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-could-further-tweak-budget-assumptions-as-covid-19-plays-out-finmin\/","url_meta":{"origin":630652,"position":5},"title":"Egypt could further tweak budget assumptions as covid-19 plays out -FinMin","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"BUDGET WATCH- FinMin could further tweak budget assumptions as covid-19 plays out: The Finance Ministry is reviewing forecasts used to calculate the draft FY2020-2021 budget to account for recent economic developments caused by the covid-19 pandemic and the dramatic fluctuations of global oil prices, the ministry said in a statement.\u2026","rel":"","context":"In "Speed Round"","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\/630652","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=630652"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630652\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630645"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630652"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630652"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}