{"id":28238,"date":"2018-07-17T08:55:49","date_gmt":"2018-07-17T08:55:49","guid":{"rendered":"https:\/\/v2.ecomnewsmed.com.ecn-01.ovea.com\/2018\/07\/17\/president-abdel-fattah-al-sissi-ratifies-2018-2019-budget\/"},"modified":"2020-08-11T11:33:33","modified_gmt":"2020-08-11T09:33:33","slug":"president-abdel-fattah-al-sissi-ratifies-2018-2019-budget","status":"publish","type":"news","link":"https:\/\/www.ecomnewsmed.com\/en\/2018\/07\/17\/president-abdel-fattah-al-sissi-ratifies-2018-2019-budget\/","title":{"rendered":"President Abdel Fattah Al Sissi ratifies 2018 \u2013 2019 budget"},"content":"To revive its crisis-hit economy,\u00a0Egypt didn\u2019t need to be asked twice to widely advertise its 0.2 percent primary budget surplus and reiterate its commitment to pay oil companies\u2019 debts by the end of 2019 to lure investors. Cairo has enacted a raft of austerity measures under the supervision of the International Monetary Fund (IMD) since 2016.\nThe country devalued the Egyptian pound and pushed through step fuel and electricity subsidy cuts hoping for a financial comeback after years of political upheaval and security instability. It is in this context that president Abdel Fattah Al Sissi issued Law No. 100 of 2018 approving the state budget for the fiscal year 2018 \u2013 2019 (which begins in July and ends in June). \nWhat you need to know about Egypt\u2019s new budget\nHere are 6 things you need to know about the new budget:\n\nTarget growth stands at 5.8% of the GDP, to be accelerated gradually to 8 percent by 2021 \u2013 2022. The IMF expects a strong 5.5 percent growth next year with and anticipates the GDP to record 6 percent in 2023.\nEgypt seeks a 2% primary budget surplus and aims to reduce deficit by 8.4% of the GDP;\nThe government strives after 10 billion in revenues by offering shares in state owned companies to the public;\nPublic debt to be minimalised to 91% of the GDP;\nUnemployment rate to stand between 10 and 11%. Egypt 2030 Vision aims to reduce unemployment from the current 10.6% to 4%;\nThe targeted inflation rate is around 10%.\n\nTo see more, discover our latest videos on Egyptian economy :\u00a0\n\u00a0\n\n\u00a0\n\n","author":42,"featured_media":3817,"comment_status":"open","ping_status":"open","template":"","tags":[5754,5752,5764,5761,5763,5766,5751,5756,5753,2961,5750,5759,5762],"location":[5600],"class_list":["post-28238","news","type-news","status-publish","has-post-thumbnail","hentry","tag-business","tag-business-support","tag-communities","tag-decision-makers","tag-direct-broadcasting","tag-economic-analysis","tag-economy","tag-employment","tag-entrepriseslife","tag-institutions","tag-news","tag-politics","tag-trending","location-egypt"],"short_url":"","have_related_news":null,"chapo":"Egypt is expected to have the world\u2019s third economic growth by 2026, according to a Harvard Centre for International Development report. In the meanwhile, signs of economic recovery seem to increase. The country achieved the first budget surplus in 15 years (0.2 percent), worth 4 million Egyptian pounds (around 190 000 \u20ac) in its 2017 \u2013 2018 fiscal year.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/president-sissi-1.png","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/president-sissi-1.png 550w","sizes":"550px","alt":"L\u2019Arabie Saoudite coupe le robinet d\u2019or noir \u00e0 l\u2019Egypte 1","width":550,"height":360,"ratio":0.62,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/president-sissi-1.png","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/president-sissi-1.png 1170w","sizes":"1170px","alt":"L\u2019Arabie Saoudite coupe le robinet d\u2019or noir \u00e0 l\u2019Egypte 1","width":1170,"height":658,"ratio":0.62,"credit_photo":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>President Abdel Fattah Al Sissi ratifies 2018 \u2013 2019 budget - 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