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Monday, 18 November 2019

FinMin issues guidelines for state bodies' standalone budgets for FY2020-2021

BUDGET WATCH- FinMin issues guidelines for state bodies' budgets for FY2020-2021 ahead of drafting full budget: The Finance Ministry has issued a set of guidelines for the state’s administrative units and service bodies to outline their internal budgets for the upcoming fiscal year, according to a cabinet statement. These entities are required to file their spending forecasts to ministry, which is currently preparing the overall FY2020-2021 state budget. The ministry is set to release its preliminary budget in 3Q2019-2020, the statement said.

What we know about the budget so far: The Finance Ministry has indicated it is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year. The ministry is also planning to narrow the overall budget deficit to 6.2% in FY2020-2021, from an expected 7.2% this fiscal year. The budget will also look to lower Egypt’s debt-to-GDP ratio to 80%, as last week’s press reports indicated.

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