Latest in Tag: budget deficit Highlight
Latest in Tag: budget deficit
Confusion reigns following rejection of Civil Service Law
Some employees are yet to be informed under which system they will receive their February salaries
Ministry of Finance announces EGP 96.7bn budget deficit in first trimester of FY 2015/2016
State expenditures totaled EGP 221.2bn, an increase from the EGP 183.7bn in same period last year
Egyptian economy improving amid challenges: Moody’s
Although government financing needs remain large, Moody’s expects economic reform will help reduce fiscal deficits and government debt
Increase in air tickets prices adds EGP 330m to budget: Tax Authority Head
Hiking transport prices reduces budget deficit, Mattar says
EIPR launches new campaign on social, economic justice in public spending
Absence of budget transparency directly leads to absence of social justice, says NGO
Annual inflation drops to 8.3% in July: CAPMAS
Despite year-on-year decline, Consumer Price Index (CPI) increased 0.6% in July 2015 compared to preceding month
Significant changes in FY 2015/2016 budget revenues
Estimation of Suez Canal revenues similar to last year, despite completion of new Suez Canal project
Defined goals set in revised budget: Dimian
Government revision on budget included lower targeted budget deficit, lower spending and higher revenues
Freezing capital gains tax law will slow budget deficit reduction: Former minister
Decision will likely lead to matching Fitch’s assumptions on the deficit of reaching 11.1% of GDP by end of this FY instead of the 10.8% targeted by government
Fitch confirms Egypt’s “B” rating, outlook is stable
Budget deficit expected to decrease to 11.6% of GDP in FY15, in comparison to the 17.5% of GDP recorded in FY14, Fitch noted
EGP 44bn tax revenue increase by end of April
Budget deficit increased to EGP 230.9bn from July 2014 to April 2015 representing 9.9% of the GDP
External debt declines to $39.9bn in March: CBE
March’s figures compare to June 2014, where debt amounted to $46.1bn
There will never be a perfect timing for summit: Former Finance Minister
Government was sluggish in launching new investment law, investors were not given enough time to do their homework, says former Finance Minister Samir Radwan
1H of FY 2014/2015 sees tax revenue rise, decreasing budget deficit growth: Finance ministry
Financial grants recorded EGP 7.8bn in 1H FY 2014/2015 compared to EGP 36.8bn in 1H FY 2013/2014
Declining oil prices contribute to budget deficit decrease by $5.5bn: Qalaa Holding
Qalaa Holding expects to achieve earnings totalling $700m in 2017 due to declining oil prices
EGP 10.5bn to support budget deficit by Egyptian banks
NBE-led union collects loan worth $1.5bn to pay portion of the dues of foreign oil companies operating in Egypt
Returns on treasury bills rise, negative impact on economic growth expected
Prices jumped 1% for returns on treasury bills in the hours after central bank raised the interest rates by same amount
Subsidy cuts a ‘very important step’: EU ambassador
EU ambassador to Egypt welcomes reduction of subsidies on petroleum products
Egypt sees deficit at 14-14.5% of GDP next fiscal year if no reforms implemented
Reuters – The Egyptian government sees its budget deficit, if it does not implement reforms, running at 14-14.5% of gross domestic product in the fiscal year starting on July 1, Finance Minister Hany Kadry Dimian said on Sunday, above a target of 10-10.5% he gave in March. Egypt’s economy has suffered from more than three …
Budget deficit shrinks by 6% in 8M FY 2013/2014
From July to February, the budget gap marked EGP 123.6bn compared to EGP 146.5bn in the same period in FY 2012/2013
Finance ministry to adopt ‘balanced’ fiscal policy
GPD growth rate will register between 2% and 2.5%, says finance minister
Budget deficit records EGP 89.4bn in first half of 2013/2014
Total value of revenues reaches EGP 175.4bn and total expenditure registers EGP 262bn, finance ministry says
Government has spent EGP 18bn of first stimulus package: Finance minister
The government’s stimulus package will yield results by the end of Q1 2014, Galal says
Economic stimulus plan includes EGP 16bn for investment
EGP 29.6bn package allocates 2.6bn for wages, 6bn for subsidies and 4bn for contractors and railroads
EGP 4bn in contractor dues to be repaid by government in coming weeks: Finance minister
Poverty rates have increased from 20% to 25%.
Finance minister promises no new taxes
Galal announced that no property taxes or income taxes would be modified “in order to not harm the economy.”
Egypt’s budget deficit to decline in 2013/2014 fiscal year
The total revenue of the fiscal year 2013/2014 will reach EGP 505.5bn while the expected that the total expenditure will reach EGP 689.3bn.
Finance minister directs Gulf aid to foreign reserves and state budget
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
Moody’s: Gulf aid is “credit positive”
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Budget transparency essential to economic recovery: report
The research, titled The Illusion Dispelled, was focused on identifying the economic predicaments and policy shortcomings that lead to the national economic crisis.