{"id":642062,"date":"2017-08-06T03:53:21","date_gmt":"2017-08-06T03:53:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/06\/welcome-officially-to-2017-18\/"},"modified":"2017-08-06T03:53:21","modified_gmt":"2017-08-06T03:53:21","slug":"welcome-officially-to-2017-18","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/06\/welcome-officially-to-2017-18\/","title":{"rendered":"Welcome, officially, to 2017-18"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>We officially welcome you to fiscal year 2017-18:<\/strong> President Abdel Fattah El Sisi approved on Thursday the budget for the new fiscal year. Utility prices including water and electricity have already risen since the House of Representatives put its seal of approval on the document about a month ago, and we\u2019ve also seen changes to the food and bread subsidy systems. The hike in water prices should save state coffers some EGP 1 bn, according to the <a href=\"http:\/\/www.almalnews.com\/Story\/342140\/14\/%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D8%B9%D9%88%D8%A7%D8%A6%D8%AF-%D9%85%D8%AA%D9%88%D9%82%D8%B9%D8%A9-%D9%85%D9%86-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%AA%D8%B9%D8%B1%D9%8A%D9%81%D8%A9-%D9%85%D9%8A%D8%A7%D9%87-%D8%A7%D9%84%D8%B4%D8%B1%D8%A8\">spokesperson for the Water Holding Company<\/a>. Your VAT counters are now officially set to a 14% baseline rate. <a href=\"http:\/\/www.vetogate.com\/2816192\">You can check the full FY2017-18 budget as published on the Official Gazette here<\/a> or you can catch a quick refresher on the <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/24\/govt-targets-primary-surplus-next-fiscal-year-sees-economic-growth-at-4-6\/\">highlights of the budget here<\/a>.<\/p>\n<p><strong>Infrastructure development weighs heavily in the budget<\/strong>, with around 60% of all government investments directed towards improving basic infrastructure, Planning Minister Hala El Said said, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1171629\">according to Al Masry Al Youm<\/a>. The plan includes improving the transportation network nationwide and have the transport sector grow by about 5.8% y-o-y to contribute 5% of GDP, El Said added.<\/p>\n<p><strong>The state budget is going digital: <\/strong>The government is making the switch to a digital budget and linking that electronically to state coffers as of today, Finance Minister Amr El Garhy told the press on Saturday, <a href=\"http:\/\/www.ahram.org.eg\/News\/202349\/5\/607311\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\/%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A8%D8%AF%D8%A1-%D9%85%D9%8A%D9%83%D9%86%D8%A9-%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%88%D8%B1%D8%A8%D8%B7%D9%87%D8%A7-%D8%A8%D8%AD%D8%B3%D8%A7%D8%A8-%D8%A7%D9%84%D8%AE%D8%B2%D8%A7.aspx\">Ahram reports<\/a>. The move marks the first step in the government\u2019s plan to <a href=\"https:\/\/enterprise.press\/stories\/2017\/08\/02\/government-planning-usd-2-4-bn-eurobond-in-1q2018\/\">make a full switch<\/a> to electronic transactions by early 2018, which is expected to help the state keep better track of its spending and reduce overall expenditures by as much as 10%.<\/p>\n<p><strong>Budget confirms timeline for 2018 presidential elections: <\/strong>What\u2019s otherwise a throw-away story from <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1172754\">Al Masry Al Youm<\/a> explains that the budget will finance the government\u2019s preparations for mid-2018 presidential elections.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We officially welcome you to fiscal year 2017-18: President Abdel Fattah El Sisi approved on Thursday the budget for the new fiscal year. Utility prices including water and electricity have already risen since the House of Representatives put its seal of approval on the document about a month ago, and we\u2019ve also seen changes to [&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-642062","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b705c041-5bd4-47ac-bf68-dfc4d50cfc27","order":"0","is_powered_by":true,"section_story_id":"830bc74b-081b-489a-9491-b5ff2af116d9","story_type":"1","photo_url":"","photo_position":"above","related_issue":[642044],"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>Welcome, officially, to 2017-18 - 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\/08\/06\/welcome-officially-to-2017-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Welcome, officially, to 2017-18\" \/>\n<meta property=\"og:description\" content=\"We officially welcome you to fiscal year 2017-18: President Abdel Fattah El Sisi approved on Thursday the budget for the new fiscal year. 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Separately, the government is also planning to make using fuel smartcards mandatory next fiscal year\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":638373,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/03\/egypt-projecting-revenues-from-sin-tax-to-increase-egp-7-bn-this-fiscal-year\/","url_meta":{"origin":642062,"position":1},"title":"Egypt projecting revenues from \u2018sin\u2019 tax to increase EGP 7 bn this fiscal year","author":"enterpriseam admin","date":"3 October 2017","format":false,"excerpt":"Egypt is projecting that revenues from the \u2018sin\u2019 tax on tobacco will increase EGP 7 bn in FY2017-18 to EGP 54.5 bn, according to the Finance Ministry's budget explainer (pdf). This increase revenue comes on the back of raising the value-added tax rate to 14% and an increase in 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":647906,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/23\/house-objects-to-raising-water-prices\/","url_meta":{"origin":642062,"position":2},"title":"House objects to raising water prices","author":"enterpriseam admin","date":"23 May 2017","format":false,"excerpt":"The House of Representatives appears to be moving against raising water prices during discussions of the FY2017-18 budget, according to Al Shorouk. The House Housing Committee issued a statement through its head Alaa Waly condemning proposed hikes in water prices announced last month by the chairman of the Holding Company\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":650303,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/21\/fdi-to-hit-highest-level-ever-next-fiscal-year-el-garhy\/","url_meta":{"origin":642062,"position":3},"title":"FDI to hit highest level ever next fiscal year \u2013El Garhy","author":"enterpriseam admin","date":"21 March 2017","format":false,"excerpt":"Foreign direct investment in Egypt will hit USD 13-15 bn in FY 2017-18, Minister Amr El Garhy told Reuters. Anything in that range would be the highest volume of FDI in Egypt\u2019s history. El Garhy also narrowed the band of the average oil price that will be used in 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":646114,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/06\/egp-145-bn-for-fuel-subsidies-in-fy-2017-18-budget\/","url_meta":{"origin":642062,"position":4},"title":"EGP 145 bn for fuel subsidies in FY 2017-18 budget","author":"enterpriseam admin","date":"6 June 2017","format":false,"excerpt":"Cabinet increases earmarks for fuel subsidy program in FY2017-18 budget: The cabinet economic group decided on Monday to increase the amounts earmarked for fuel and electricity subsidies by EGP 85 bn in FY2017-18, according to a cabinet statement. Around EGP 145 bn (up from EGP 110 bn) will be allocated\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":635031,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/31\/budget-deficit-to-come-at-9-4-of-gdp-this-fiscal-year-maait\/","url_meta":{"origin":642062,"position":5},"title":"Budget deficit to come at 9.4% of GDP this fiscal year -Maait","author":"enterpriseam admin","date":"31 January 2018","format":false,"excerpt":"The budget deficit for the current fiscal year 2017-18 is expected to come in at 9.4% of GDP, Vice Minister of Finance Mohamed Maait told Reuters. The updated projection is over the initial rate of 9% and Maait attributes it to the increase in global oil prices and high local\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\/642062","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=642062"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/642062\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/642044"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=642062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=642062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=642062"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=642062"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=642062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}