Latest in Tag: budget Highlight
Latest in Tag: budget
Egypt records EGP 14bn in primary budget surplus during H1 of FY 2020/21
Egypt witnessed primary budget surplus of about EGP 14bn during the first half (H1) of fiscal year (FY) 2020/21, while it recorded a budget deficit fall to 3.6% of GDP compared to 4.1% during the same period of FY 2019/20, according the Ministry of Finance.
Strong start for ‘participatory budgeting’ aimed at improving services: Finance Ministry
This is due to the commensurate great importance it attaches to improving public services in various governorates, and meeting the needs of citizens.
Egypt signs $2bn conventional, Islamic facility to finance budget deficit
According to a Ministry of Finance statement, on Monday, the facility was closed by Emirates NBD Capital Limited, the investment-banking arm of Emirates NBD, and First Abu Dhabi Bank (FAB) as the transaction’s global coordinators, mandated lead arrangers, and book runners.
Additional EGP 80bn appropriation in 2019/20 budget does not affect deficit: Maait
Additional appropriation has contributed to significantly reduce debt service for current, coming FYs
Egypt allocates EGP 258.5bn to health sector in 2020/21 budget
Allocations for pre-university education sector come to EGP 241.6bn, higher education EGP 122bn, and scientific research EGP 60.4bn
Egypt’s government investments stand at EGP 280.7bn in FY 2020/21 budget
The new investments aim to move the economy onto sustainable growth, and to provide new job opportunities, especially in light of the global economy slowdown as a result of the novel coronavirus pandemic.
Despite COVID-19, Egypt’s budget deficit drops to 7.8% in FY 2019/20
Minister of Finance Mohamed Maait said the country had achieved a primary surplus of 1.8% of GDP during the fiscal year. He added that this was “a very good result amid the exceptional circumstances of the novel coronavirus (COVID-19) pandemic.”
Budget deficit at 6.3%, expected to reach 7.5% amid COVID-19: Finance Minister
Constant monitoring of situation needed, particularly for annual budget which was prepared in pre-pandemic period, says Maait
Further EGP 10bn allocated to FY 2019/20 budget against COVID-19
A report issued by the Ministry of Planning and Economic Development added that EGP 2.5bn has been allocated to the Ministry of Housing, and EGP 0.12bn to the Ministry of Transport.
Government special funds better stay off-budget: Finance Ministry
Economic authorities’ excesses have been resolved, improved governance achieved
Egypt ranks second-highest in Middle East on budget transparency index: Finance Minister
Results illustrate Finance Ministry’s efforts to provide information to citizens, says Maait
Draft 2020-2021 budget sets oil price at $61per barrel
State employees’ wages to increase by 11.3%: Finance Minister
President Al-Sisi orders wage increase for public workers in 2020/21 budget
Periodic bonus of 7% for civil servants, 12% of basic salary for non-civil servants, with minimum of EGP 75, no maximum
Egypt’s budget deficit rose to 2.1% of GDP in Q1 of current FY:MOF
The report attributed this slight increase in the budget’s deficit to the slight decline in revenues by 0.9% from July to September of FY2019-2020, and the increase in expenditure by 9.9% in Q1 of current FY.
Egypt to apply participatory budgeting in FY 2020/21: Finance Ministry official
The results of the Citizen Budget initiative encouraged introducing the participatory budgeting, says Sarah Eid
Egypt’s primary budget surplus registers EGP1bn in July: MOF
NIR increased to $45 bn in August 2019 covering 8 months of imports
Recent interest rate cuts save EGP 20-25bn in state budget: Finance Ministry
Interest cuts will not affect attractiveness of government debt instruments, says Kouchouk
Bank financing’s contribution to budget deficit declines in 2Q19: CBE
Investors’ shift from T-Bills to T-Bonds reflects positive change in their macroeconomic outlook of Egypt
Government hedges against oil price increase at under $70 per barrel
Renewal of hedging contracts every 3 months with review of oil value in markets: Source
Egypt’s GDP grows 5.6%, budget deficit registers 8.2% in FY 2018/19
The ongoing fiscal reforms managed to reduce the budget deficit to 8.2% in FY 2018/19, in continuation to the ongoing down trend from 9.8% in the FY 2017/18 and 12.5% in FY 2015/16.
EGPC forecasted net profit fell to EGP 21.4bn in FY 2019/20, down 30%
Profit targets were set based on minimum oil, gas production, say sources
Initial surplus in Egypt’s budget EGP 58.2bn in 11 months: Ministry of Finance
Meanwhile, Egypt achieved an initial surplus of only EGP 1.9bn during the period from July 2017 to the end of May 2018.
Misr Insurance Holding Company approves 2019/20 draft budget
Target revenues of EGP 20.4bn, up by 21.5%, net profit at EGP 4.3bn, up by 34.5%, estimated investments of EGP 70.7bn, up by 8%
Parliament approves Egypt’s largest-ever budget of EGP 1.6tn for FY20
EGP 326.8bn for health and education, EGP 301bn for wages, EGP 149bn for food and commodities subsidies
Egypt’s budget deficit drops to 5.6% in 10M of FY 2018/19
According to the financial report, the overall deficit declined as a result of the higher growth rate in revenues than the growth rate of expenditures
Government plans to offer treasury T-Bonds, T-Bills worth EGP 146.5bn in June
Finance Ministry borrowed about EGP 184bn in T-Bills, T-bonds in April, about EGP 148bn in May
Tarek Shawky urges ministry of finance to increase education reform’s budget
We only received EGP 99bn, despite requesting EGP 138 bn, said Shawky
Initial budget surplus of EGP 35.5bn in 9M of current FY: Egypt’s Finance Minister
Planned increase in stock exchange duty cancelled, stamp duty stays at EGP 1.5
Neeasae’s budget records EGP 230m for FY 2019/20
Company owes EGP 90m to NIB
Egypt’s high interest rates exert pressure on budget: WBG
Social conditions remain difficult, inflation eroded real income, says report