{"id":646750,"date":"2017-06-22T04:13:37","date_gmt":"2017-06-22T04:13:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/house-signs-off-on-budget-in-record-timing\/"},"modified":"2017-06-22T04:13:37","modified_gmt":"2017-06-22T04:13:37","slug":"house-signs-off-on-budget-in-record-timing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/house-signs-off-on-budget-in-record-timing\/","title":{"rendered":"House signs off on budget in record timing"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>In a dash to get to Eid break, the House has signed off on the budget in record time: <\/strong>The House of Representatives broke a legislative land speed record on Wednesday when it signed off on the Ismail government\u2019s EGP 1.206 tn budget for FY2017-18 after only two rounds of debate on the floor of Parliament, <a href=\"http:\/\/www.almalnews.com\/Story\/337982\/14\/%D8%A8%D8%B9%D8%AF-%D8%AC%D9%84%D8%B3%D8%AA%D9%8A%D9%86----%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%82%D8%B1-%D8%A3%D9%88%D9%84-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%AA%D8%B1%D9%8A%D9%84%D9%8A%D9%88%D9%86%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\">Al Mal reports<\/a>. A quick refresher on the provisions of Amr El Garhy\u2019s latest: <strong>The nation\u2019s largest-ever budget targets a primary surplus of 0.3% for the first time in years<\/strong> and sees GDP growing by at least 4.6% in the next fiscal year. State spending will be backed by higher tax revenues, including by a 1 ppt bump in the baseline value-added tax to 14%.<\/p>\n<p><strong>The new budget sees public spending rising 21.3%<\/strong> as the government earmarks larger sums for healthcare, education, higher education, and research (together about 10.3% of GDP). EGP 24.8 bn has been earmarked for state investment in healthcare, an increase of 15% over last year\u2019s budget, while the government will invest EGP 14.4 bn in education and training, <a href=\"http:\/\/www.almalnews.com\/Story\/337998\/14\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-2017--2018\">according to Al Mal<\/a>. (Those figures are for state investment in the sectors as distinct from budget support for ongoing operating costs.) EGP 3.5 bn was earmarked for the rehabilitation of slums. <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/24\/govt-targets-primary-surplus-next-fiscal-year-sees-economic-growth-at-4-6\/\">Tap here<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/09\/budget-discussions-kick-off-at-the-house\/\">here<\/a> for our full breakdown of the budget.<\/p>\n<p><strong>The FY 2017-18 budget includes EGP 75 bn spending to shore-up the social safety net <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2017\/06\/21\/sisi-raises-food-subsidy-allowances-to-egp-50-from-egp-21-alongside-handful-of-social-safety-measures\/\"><strong>ordered by President Abdel Fattah El Sisi on Tuesday<\/strong><\/a>, according to a <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/releas-a21-6-17.aspx\">Finance Ministry statement<\/a>. These include increasing monthly food subsidy allowances on ration cards to EGP 50 from EGP 21 for each cardholder. The Ministry says the earmarks aim to ease the impact of the economic reform program on Egyptian households. <strong>90% of citizens will directly benefit from the increase<\/strong>, Finance Minister Amr El Garhy noted.<\/p>\n<p>Even with all the increases in social spending, <strong>El Garhy maintains that the government can <\/strong><strong>meet its budget deficit target of 9.1% of GDP<\/strong>.<\/p>\n<p><strong>No new taxes are in the pipeline and there\u2019s no plan to hike the rates of existing levies <\/strong>to support increased welfare spending,Vice Minister of Finance Amr El Monayer told <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1151493\">Al Masry Al Youm<\/a>. Some of the new spending was already accounted for and approved in the budget, Vice Minister of Finance Mohamed Maait added, while others among the president\u2019s pledges can easily be accommodated within the current budget. Still, the Supply Ministry claims increased spending on subsidies came as a surprise and says it is now scrambling to meet the increased demand for goods, according to statements attributed to ministry spokesperson Mamdouh Ramadan <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=21062017&id=a45e2648-c5de-4f31-a9a4-cf81eab76d55\">by Al Shorouk<\/a>. Prior to El Sisi\u2019s welfare package, total spending on subsidies was due to grow 19% in the fiscal year starting July 1. That comes as petrol subsidies are expected to fall to about 33% of total subsidy spending, signaling a fuel price hike is in the cards sometime in the new year.<\/p>\n<p><strong>Offsetting the cost of subsidy increases by raising prices?<\/strong> Some of the cost of new welfare outlays will be recoupled by repricing subsidized goods closer to market norms, Supply Ministry officials <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=21062017&id=315d6d39-1b3d-4947-ab14-77d27a98bfe6\">tell Al Shorouk<\/a>. The EGP 50 allowance will also be issued to each individual registered on a single subsidy card, the source also said, adding that there are no imminent plans to change the bread point system.<\/p>\n<p><strong>The bump in welfare spending under the new budget <\/strong><a href=\"http:\/\/www.reuters.com\/article\/egypt-economy-budget-idUSL8N1JI2LC\"><strong>received extensive coverage<\/strong><\/a><strong> in the <\/strong><strong>foreign press<\/strong>, with some, including <a href=\"https:\/\/www.nytimes.com\/aponline\/2017\/06\/21\/world\/middleeast\/ap-ml-egypt-economy.html\">the Associated Press<\/a> and <a href=\"https:\/\/www.bloomberg.com\/politics\/articles\/2017-06-21\/egypt-boosts-food-aid-pensions-to-ease-pressure-on-the-poorest\">Bloomberg<\/a>, suggesting the move was taken to offset the unpopularity of the agreement to hand Tiran and Sanafir to Saudi Arabia.<\/p>\n<p>\u2026Separately, the Finance Ministry announced that <strong>the government recorded a budget deficit <\/strong><strong>equivalent to 8.3% of GDP in 10M2016-17<\/strong>, according to <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1151602\">Al Masry Al Youm<\/a>. That\u2019s about EGP 283 bn, if you\u2019re keeping track at home.<\/p>\n<p><strong>Also on Wednesday:<\/strong> The House also signed off on the government\u2019s <strong>2017-2020 sustainable<\/strong><strong>development plan<\/strong>, which, among other things sees GDP climbing to a high of 6% in 2020. It also gave a <strong>preliminary nod to the National Elections Act, <\/strong>which mandates judicial supervision of the national elections regulator for a 10-year period, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1151674\">according to AMAY<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a dash to get to Eid break, the House has signed off on the budget in record time: The House of Representatives broke a legislative land speed record on Wednesday when it signed off on the Ismail government\u2019s EGP 1.206 tn budget for FY2017-18 after only two rounds of debate on the floor of [&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-646750","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"cab7dae1-56b9-4eca-8089-8b518ee187e2","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[646744],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The budget, which still needs to be accepted and signed into law by President Abdel Fattah El Sisi, targets a deficit of 8.4% of GDP and a primary deficit surplus of 2%. It\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":646750,"position":2},"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":[]},{"id":569622,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/02\/finmin-creates-single-budget-for-income-tax-vat-arms-of-tax-authority\/","url_meta":{"origin":646750,"position":3},"title":"FinMin creates single budget for income tax, VAT arms of Tax Authority","author":"enterpriseam admin","date":"2 March 2020","format":false,"excerpt":"The Finance Ministry has started implementing a single budget for the Tax Authority\u2019s departments for income tax and VAT as part of the new unified tax law, according to a ministry statement (pdf). Minister Mohamed Maait said the effort had begun in FY2019-2020 by merging some departments of the authorities\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":627497,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/04\/house-general-assembly-starts-budget-debate-gives-govt-one-month-deadline-for-strategy-to-bring-small-businesses-into-formal-economy\/","url_meta":{"origin":646750,"position":4},"title":"House general assembly starts budget debate, gives gov\u2019t one-month deadline for strategy to bring small businesses into formal economy","author":"enterpriseam admin","date":"4 June 2018","format":false,"excerpt":"BUDGET WATCH- The House of Representatives\u2019 general assembly is set to continue debating the FY2018-19 state budget today. Discussions kicked off yesterday after the Budget Committee completed its review of the bill, Ahram Gate reports. With the Finance Ministry\u2019s approval, the committee allocated additional amounts to a number of budget\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":646704,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/21\/fep-back-fy2017-18-budget\/","url_meta":{"origin":646750,"position":5},"title":"FEP back FY2017-18 budget","author":"enterpriseam admin","date":"21 June 2017","format":false,"excerpt":"The Misryoon Al Ahrar Party (FEP) has backed the 2017-18 state budget. That\u2019s the highlight of the shockingly poor (and paltry) coverage of the budget debate at the House of Representatives yesterday. FEP announced yesterday that its bloc in the House will vote in favour of the new budget, according\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\/646750","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=646750"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646750\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/646744"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=646750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=646750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=646750"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=646750"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=646750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}