{"id":647354,"date":"2017-05-09T03:25:23","date_gmt":"2017-05-09T03:25:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/09\/budget-discussions-kick-off-at-the-house\/"},"modified":"2017-05-09T03:25:23","modified_gmt":"2017-05-09T03:25:23","slug":"budget-discussions-kick-off-at-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/09\/budget-discussions-kick-off-at-the-house\/","title":{"rendered":"Budget discussions kick-off at the House"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Finance and planning ministers talk FY2017-18 budget with the House: <\/strong>House of Speaker Ali Abdel Aal referred the Ismail government\u2019s proposed FY2017-18 budget to the House Budget Committee after Finance Minister Amr El Garhy and Planning Minister Hala El Said briefed MPs on the spending bill yesterday, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1512903.aspx\">Ahram Gate reports<\/a>.<\/p>\n<p><strong>So what\u2019s new with the budget? <\/strong>The government had previously announced it was targeting GDP growth of 4.6% and revenues close to EGP 835 bn in FY2017-18 \u2014 the latter around 29.6% higher than the current year. Growth in the state\u2019s top line will be <strong>driven mostly by higher tax revenues,<\/strong> El Garhy told MPs yesterday, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1512867.aspx\">according to Ahram Gate<\/a>, which are expected to climb to EGP 604 bn from a projected EGP 458 bn in FY2016-17 and contribute around 14.7% of GDP (vs. 13.4% this year). Improvements to fiscal and tax policies should see taxes as a percentage of GDP rise to 18.5% by FY2021-22, the minister added.<\/p>\n<p><strong>The sectors the government sees growing: <\/strong>Four industries are expected to drive the <a href=\"http:\/\/www.almalnews.com\/Pages\/StoryDetails.aspx?ID=333096\">improvement in overall economic<\/a> performance: construction and real estate, wholesale trade, manufacturing, and agriculture.<\/p>\n<p><strong>What about spending? <\/strong>Total public spending will grow 21.3% to EGP 1.2 tn in FY2017-18 from EGP 994 bn this year, and El Garhy sees the budget deficit narrowing to EGP 370 bn, or around 9% of GDP from an estimated 10% this year and 12.5% in FY2015-16. The government hopes to narrow the gap further to 5-6% in the medium term, according to El Garhy. As we noted previously, the government is <a href=\"https:\/\/enterprise.press\/stories\/2017\/04\/02\/house-to-kick-off-budget-debate-next-week\/\">optimistic about delivering<\/a> Egypt\u2019s first primary surplus in a decade, which is estimated at 0.3%.<\/p>\n<p><strong>So what will the government be spending on? <\/strong>The state will continue to take measures to carefully control its spending and efficiently manage its resources, El Garhy said. With <strong>petroleum subsidies falling to 33% of the total subsidy bill in FY2017-18 <\/strong>(compared to 64% in FY2011-12) and electricity dropping to 9%, there is room to increase allocations to social welfare and subsidy programs as well as to the provision of basic goods and services (which together will make up around 42.7% of the subsidy bill, up from 26% in FY2011-12).<\/p>\n<p><strong>Food subsidies alone will be up 29.5% in the new budget to EGP 64.2 bn<\/strong> compared to EGP 49.5 bn bn this year, as the number of beneficiaries increases to around 71 mn citizens, while bread subsidy beneficiaries increase to 76.8 mn. Increased spending on social welfare and subsidies is expected to mediate the \u201ctemporary\u201d negative impact that economic reform policies have had on consumers. Spending on healthcare and education accounts for the lion\u2019s share of the state\u2019s EGP 51 bn outlay on \u201csocial and human development,\u201d <a href=\"http:\/\/www.youm7.com\/story\/2017\/5\/8\/%D9%86%D9%86%D8%B4%D8%B1-%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D9%81%D9%89-%D9%82%D8%B7%D8%A7%D8%B9%D9%89-%D8%A7%D9%84%D8%B5%D8%AD%D8%A9-%D9%88%D8%A7%D9%84%D8%AA%D8%B9%D9%84%D9%8A%D9%85-%D8%AE%D9%84%D8%A7%D9%84-2017-2018\/3225207\">Youm7 reports<\/a>. That splits as 49% earmarked for healthcare, 28% to education, and 23% to scientific research.<\/p>\n<p>Energy subsidies are projected to cost the state EGP 140 bn, with EGP 110 bn of that figure earmarked for petroleum products and EGP 30 bn for electricity. Spending on <strong>major national infrastructure development projects is expected to grow to EGP 135.4 bn<\/strong> from EGP 91 bn this year, of which EGP 65 bn will be financed from state coffers. The balance provided through grants, loans, and other forms of financing, the <a href=\"http:\/\/gate.ahram.org.eg\/News\/1512864.aspx\">newspaper adds<\/a>.<\/p>\n<p>Although GDP growth levels had stagnated during FY2015-16 due to a basket of economic challenges, the first phase of the state\u2019s economic and fiscal <strong>reform plan is bearing fruit and restoring investors\u2019 faith in the market<\/strong>, <a href=\"http:\/\/www.youm7.com\/story\/2017\/5\/8\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B1%D8%AD%D9%84%D8%A9-%D8%A7%D9%84%D8%A3%D9%88%D9%84%D9%89-%D9%85%D9%86-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%A7%D9%84%D8%A5%D8%B5%D9%84%D8%A7%D8%AD-%D8%AA%D9%85%D8%AA-%D8%A8%D9%86%D8%AC%D8%A7%D8%AD\/3224983\">El Garhy said<\/a>. GDP growth is up, reserves are up, FDI is up, and so are exports, <a href=\"http:\/\/www.youm7.com\/story\/2017\/5\/8\/%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A7%D9%84%D9%86%D9%85%D9%88-%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%AB%D8%A7%D9%84%D8%AB-%D9%84%D9%80-3-9-%D9%88%D8%B2%D9%8A%D8%A7%D8%B1%D8%AF%D8%A9\/3225073\">Planning Minister Hala El Said<\/a>.<\/p>\n<p><strong>Things to look forward to: <\/strong>Output from the supergiant Zohr gas field and other recent discoveries are expected to boost Egypt\u2019s natural gas production by 30% once the stations are operational, El Garhy said. That coupled with a 50% increase in the government\u2019s electricity output once the new Siemens power plants come on stream will <strong>add to the Egyptian market\u2019s attractiveness and sharpen its competitive edge in the region<\/strong>, especially as the government pursues further reforms to its fiscal and energy policies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance and planning ministers talk FY2017-18 budget with the House: House of Speaker Ali Abdel Aal referred the Ismail government\u2019s proposed FY2017-18 budget to the House Budget Committee after Finance Minister Amr El Garhy and Planning Minister Hala El Said briefed MPs on the spending bill yesterday, Ahram Gate reports. So what\u2019s new with the [&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-647354","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2894817b-97fc-43e0-9f96-334ee8cd47a1","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647347],"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 discussions kick-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\/2017\/05\/09\/budget-discussions-kick-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 discussions kick-off at the House\" \/>\n<meta property=\"og:description\" content=\"Finance and planning ministers talk FY2017-18 budget with the House: House of Speaker Ali Abdel Aal referred the Ismail government\u2019s proposed FY2017-18 budget to the House Budget Committee after Finance Minister Amr El Garhy and Planning Minister Hala El Said briefed MPs on the spending bill yesterday, Ahram Gate reports. 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Social welfare programs, including Takaful and Karama, will cost the state\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":647354,"position":1},"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":[]},{"id":650538,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/27\/government-to-increase-spending-on-social-security-and-welfare-programs-in-upcoming-fiscal-year\/","url_meta":{"origin":647354,"position":2},"title":"Government to increase spending on social security and welfare programs in upcoming fiscal year","author":"enterpriseam admin","date":"27 March 2017","format":false,"excerpt":"The government will increase spending on social security and welfare in FY2017-18 bysetting aside a sum equivalent to 1% of the nation\u2019s projected EGP 4 tn in GDP, said Finance Minister Amr El Garhy. This should come to around EGP 40 bn, he told President Abdel Fattah El Sisi and\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":635571,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/07\/overall-budget-deficit-declines-to-2-of-gdp-in-1qfy2017-18-from-2-2-in-last-fiscal-year\/","url_meta":{"origin":647354,"position":3},"title":"Overall budget deficit declines to 2% of GDP in 1QFY2017-18 from 2.2% in last fiscal year","author":"enterpriseam admin","date":"7 December 2017","format":false,"excerpt":"Egypt recorded an overall budget deficit of EGP 85.3 bn for the first quarter of FY2017-18,or around 2% of GDP, compared to 2.2% (EGP 76.8 bn) in the same period last year, the Finance Ministry announced yesterday (pdf). Inflows into state coffers rose 33% y-o-y to EGP 129 bn during\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":627802,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/12\/egp-70-bn-overdraft-will-not-impact-budget-deficit-el-garhy\/","url_meta":{"origin":647354,"position":4},"title":"EGP 70 bn overdraft will not impact budget deficit - El Garhy","author":"enterpriseam admin","date":"12 June 2018","format":false,"excerpt":"BUDGET WATCH- Overdraft won\u2019t blow budget deficit target, El Garhy says. Some EGP 70 bn in overdraft spending for the soon-to-close FY2017-18 budget will not impact Egypt\u2019s targeted budget deficit for the year, said Finance Minister Amr El Garhy. The budget deficit is still on track to fall to 9.8%\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":648116,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/budget-discussions-in-the-house-of-representatives-are-off-to-a-predictably-chaotic-start\/","url_meta":{"origin":647354,"position":5},"title":"Budget discussions in the House of Representatives are off to a predictably chaotic start","author":"enterpriseam admin","date":"29 May 2017","format":false,"excerpt":"House Healthcare Committee digs in on reclassification of EGP 9.4 bn in FY2017-18 budget as debate budget debate grinds on: The House of Representatives\u2019 Health Committee will hold its ground to ensure that funds for wastewater projects now falling under the healthcare line item are reclassified as spending on infrastructure\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\/647354","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=647354"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647354\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647347"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647354"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647354"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}