{"id":635348,"date":"2017-12-03T04:01:53","date_gmt":"2017-12-03T04:01:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-kicks-off-preparations-for-drawing-up-the-fy2018-19-budget\/"},"modified":"2017-12-03T04:01:53","modified_gmt":"2017-12-03T04:01:53","slug":"finance-ministry-kicks-off-preparations-for-drawing-up-the-fy2018-19-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-kicks-off-preparations-for-drawing-up-the-fy2018-19-budget\/","title":{"rendered":"Finance Ministry kicks off preparations for drawing up the FY2018-19 budget"},"content":{"rendered":"

<\/a> Subsidy cuts in the air for mid-2018 as Finance Ministry prepares to draw up its FY2018-19 budget: <\/strong>The Finance Ministry released its general guidelines (pdf)<\/a> to government ministries for drafting the FY2018-19 budget last week. The ministry is targeting GDP growth of 5.5% for the fiscal year and will look to cut the budget deficit to 8.5% of GDP, down from 9.5% projected in FY2017-18. The budget is also targeting reducing public debt to 94% of GDP, and cutting unemployment to 10-11%.<\/p>\n

These targets would be achieved by staying the course on reform measures<\/strong>, including through continued subsidy reforms, efficient management of the tax system, and reforming the welfare and pensions system.<\/p>\n

The ministry hints at further subsidy cuts to come next fiscal year:<\/strong> The ministry strongly implied that energy subsidy reform will be cut again during FY2018-19. Both Finance Minister Amr El Garhy and Oil Minister Tarek El Molla had said that it would be unlikely that the government will begin another round of subsidy cuts this fiscal year. El Garhy then later stated<\/a> that it would review the status on subsidy cuts as rising crude energy prices threaten to add pressure to the budget deficit.<\/p>\n","protected":false},"excerpt":{"rendered":"

Subsidy cuts in the air for mid-2018 as Finance Ministry prepares to draw up its FY2018-19 budget: The Finance Ministry released its general guidelines (pdf) to government ministries for drafting the FY2018-19 budget last week. The ministry is targeting GDP growth of 5.5% for the fiscal year and will look to cut the budget deficit […]<\/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-635348","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7e637395-c121-470d-9d02-05b1f3cd4876","order":"0","is_powered_by":true,"section_story_id":"08b3ce88-cd08-471f-bf1f-c347c356c01b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[635338],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry kicks off preparations for drawing up the 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\/2017\/12\/03\/finance-ministry-kicks-off-preparations-for-drawing-up-the-fy2018-19-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry kicks off preparations for drawing up the FY2018-19 budget\" \/>\n<meta property=\"og:description\" content=\"Subsidy cuts in the air for mid-2018 as Finance Ministry prepares to draw up its FY2018-19 budget: The Finance Ministry released its general guidelines (pdf) to government ministries for drafting the FY2018-19 budget last week. 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It expects this to drop again to 8.5% of GDP in FY2018-19. The Finance Ministry had announced on Thursday that the 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":630952,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/finance-minister-presents-initial-outline-for-fy2018-19-state-budget\/","url_meta":{"origin":635348,"position":2},"title":"Finance Minister presents initial outline for FY2018\/19 state budget","author":"enterpriseam admin","date":"6 March 2018","format":false,"excerpt":"The Finance Ministry is targeting a budget deficit of between 8.5 and 8.8% of GDP in FY2018-19, according to an initial outline Minister Amr El Garhy presented to Prime Minister Sherif Ismail yesterday, Youm7 reports. The ministry is also hoping to achieve a primary surplus of 1.8-2%. 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The government is predicting that inflation will\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":600845,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/finmin-forecasts-spending-at-egp-1-5-tn-in-draft-fy2019-20-state-budget\/","url_meta":{"origin":635348,"position":4},"title":"FinMin forecasts spending at EGP 1.5 tn in draft FY2019-20 state budget","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"EXCLUSIVE- FinMin\u2019s draft FY2019-20 state budget sees spending at EGP 1.5 tn: The draft FY2019-20 state budget forecasts government spending at EGP 1.5 tn, a senior government official tells us. 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