Latest in Tag: budget Highlight
Latest in Tag: budget
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.
This is due to the commensurate great importance it attaches to improving public services in various governorates, and meeting the needs of citizens.
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 appropriation has contributed to significantly reduce debt service for current, coming FYs
Allocations for pre-university education sector come to EGP 241.6bn, higher education EGP 122bn, and scientific research EGP 60.4bn
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.
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.”
Constant monitoring of situation needed, particularly for annual budget which was prepared in pre-pandemic period, says Maait
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.
Economic authorities’ excesses have been resolved, improved governance achieved
Results illustrate Finance Ministry’s efforts to provide information to citizens, says Maait
State employees’ wages to increase by 11.3%: Finance Minister
Periodic bonus of 7% for civil servants, 12% of basic salary for non-civil servants, with minimum of EGP 75, no maximum
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.
The results of the Citizen Budget initiative encouraged introducing the participatory budgeting, says Sarah Eid
NIR increased to $45 bn in August 2019 covering 8 months of imports
Interest cuts will not affect attractiveness of government debt instruments, says Kouchouk
Investors’ shift from T-Bills to T-Bonds reflects positive change in their macroeconomic outlook of Egypt
Renewal of hedging contracts every 3 months with review of oil value in markets: Source
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.
Profit targets were set based on minimum oil, gas production, say sources
Meanwhile, Egypt achieved an initial surplus of only EGP 1.9bn during the period from July 2017 to the end of May 2018.
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%
EGP 326.8bn for health and education, EGP 301bn for wages, EGP 149bn for food and commodities subsidies
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
Finance Ministry borrowed about EGP 184bn in T-Bills, T-bonds in April, about EGP 148bn in May
We only received EGP 99bn, despite requesting EGP 138 bn, said Shawky
Planned increase in stock exchange duty cancelled, stamp duty stays at EGP 1.5
Company owes EGP 90m to NIB
Social conditions remain difficult, inflation eroded real income, says report