Egypt's Sovereign Fund partners with Scatec, Fertiglobe to develop green hydrogen facility    IMF sees Egypt's government gross debt hitting 91.4% of GDP in 2021    Egypt to be listed on JP Morgan emerging bond index late January 2022    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    TikTok hits 1 billion monthly active users worldwide    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Healthy food brand Abu Auf plans Egypt IPO in Q2-2022    National Bank of Egypt wins licence to open Saudi Arabia branch    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's budget deficit likely to rise to 7.9% in FY2019/20 – minister
Published in Amwal Al Ghad on 06 - 05 - 2020

Financial year 2019/2020 is expected to end with a budget deficit ranging between 7.8 percent and 7.9 percent because of the impact of the COVID-19 pandemic, said Minister of Finance Mohamed Maait on Tuesday.
Maait's comments were made during a meeting of parliament's planning and budget committee held on Tuesday, Ahram Online reported.
Reviewing the expected impacts of the COVID-19 outbreak on the financial year 2020/2021 draft budget, Maait revealed that the projected budget's surplus was lowered to 0.6 percent, down from the 2 percent that was expected in the financial year 2020/2021 draft budget statement released in April.
He added that the financial year 2020/2021 draft budget expects the total budget deficit to rise to 7.8 percent in case the COVID-19 pandemic crisis lasts until the end of December, up from the targeted total deficit by 6.2 percent in the previous budget's statement.
Maait also noted that the government has put a plan that targets reducing the total budget deficit to lower than 5 percent by the financial year 2021/2022, reaching 4.6 percent in the financial year 2021/2022 budget.
Total state debt is expected to rise to 88 percent of GDP from a previously projected 83 percent if the crisis continues, the minister added.
On Sunday, Minister of Planning and Economic Development Hala El-Saeed revealed that Egypt's economic growth is expected to fall to 4.5 percent and 4.2 percent respectively in the financial year 2019/2020, down from the 5.8 percent that was expected previously, driven by the expected slowdown in the third and fourth quarter of the fiscal year's performance.
She also said that in case the COVID-19 crisis lasts to the end of December, Egypt's targeted economic growth is expected to drop to 2 percent, down from the 3.5 percent that is expected if the COVID-19 situation is over by the end of FY/2019/2020, which ends in June.
Minister El-Saeed added that private investments are also expected to decline by 30 percent if the COVID-19 crisis lasts to the middle of the financial year 2020/2021, which will affect Egypt's total investments, which stand at 740 billion pounds in the financial year 2020/2021 draft budget.

Clic here to read the story from its source.