欧美精品在线第一页,久久av影院,午夜视频在线播放一三,久久91精品久久久久久秒播,成人一区三区,久久综合狠狠综合久久狠狠色综合,成人av一区二区亚洲精,欧美a级在线观看

News Analysis: Oil price hikes pressure Egypt's budget amid tight reform program

Source: Xinhua| 2018-10-14 04:08:25|Editor: ZX
Video PlayerClose

by Mahmoud Fouly, Abdel-Maguid Kamal

CAIRO, Oct. 13 (Xinhua) -- As Egypt is going through a strict economic reform program which was started in late 2016 to contain a budget deficit and economic slowdown, the recent skyrocketing oil prices add further burdens on the country's state budget for the ongoing 2018/2019 fiscal year.

Egypt's fiscal year starts in early July and ends in late June.

"The oil price per barrel rose to range between 80 and 85 U.S. dollars after we used to buy it at about 40 dollars seven or eight months ago," Egyptian President Abdel-Fattah al-Sisi told a military seminar on Thursday, noting that it affects the country's budget that struggles to provide fuel for local consumption and operation of power stations.

The price of Brent crude oil recorded 80.43 dollars per barrel as of Saturday.

Egypt has recently announced self-sufficiency of liquefied gas and decided to stop importing it from abroad thanks to the increasing production of its giant Zohr gas field, which was discovered in 2015.

Still, the rising prices of oil that Egypt imports perplex the current budget whose preparation was based on old prices.

"The state budget was prepared according to prices ranging between 65 and 67 dollars per barrel, so when the price exceeds 80 dollars, it imposes vast burdens on the budget," said Walid Gaballah, expert in economic and financial legislation.

"It will increase the country's spending and require new finance resources to maintain or reduce the budget deficit that stood at 9.8 percent of GDP in the 2017/2018 FY," the expert told Xinhua, noting that the government is unlikely to impose further taxes to make up for the deficit as "the market cannot take any more taxes."

However, Gaballah expects Egypt's self-sufficiency of gas, which saves the country about 2 billion dollars, to help finance the deficit caused by the rise of oil prices.

Egypt's austerity-based reform program, including subsidy cuts and tax hikes, is supported by a 12-billion-dollar loan from the International Monetary Fund, two thirds of which have already been delivered.

In mid-June, Egypt increased fuel prices by up to 66.6 percent to meet the IMF deal terms and continue the implementation of the country's reform, while the government plans to completely remove subsidies on all oil products, excluding butane gas, by the end of June 2019.

"As long as we're handcuffed by subsidies in everything in Egypt, the country will not be able to achieve its desired goals," President Sisi said on Thursday.

Fuel subsidies alone, without energy, cost Egypt 110.15 billion Egyptian pounds (about 6.14 billion dollars) in the 2017/2018 budget and they have been reduced to 89.1 billion pounds (about 5 billion dollars) in the 2018/2019 budget based on previous oil prices, according to the country's Finance Minister Mohamed Maait.

Salah Hafez, oil expert and former deputy chief of Egypt's General Petroleum Authority, said that the 13-dollar difference per barrel between old and new prices is a trouble that will further the state budget deficit.

He attributed the oil price hikes to "political reasons" that affect the supply and demand worldwide, such as the U.S. sanctions imposed on Iran, which is a member of the Organization of Petroleum Exporting Countries (OPEC).

"Iran as an OPEC member produces 4 million barrels per day; it uses 1 million barrels and exports the other 3 million. So, when Iran stops production, fuel and energy prices undoubtedly rise and affect several economies around the world including Egypt's," Hafez told Xinhua.

He added that conflicts in some OPEC members like Iraq and Libya also influence the supply and demand as well as the oil prices.

Egypt has an ambitious plan to reduce budget deficit in the the 2018/2019 FY to 8.4 percent of GDP compared with 9.8 percent in the previous year, yet the unexpected surge of oil prices has risen as a major challenge for the government's plans.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001375308741
主站蜘蛛池模板: 午夜av电影院| 亚洲四区在线观看| 亚洲午夜精品一区二区三区| 一区二区中文字幕在线| 日本一二三区视频在线| 日本aⅴ精品一区二区三区日| 大bbw大bbw超大bbw| 国产aⅴ精品久久久久久| 久久99视频免费| 97精品超碰一区二区三区| 精品日韩久久久| 精品少妇的一区二区三区四区 | 处破大全欧美破苞二十三| 国产精品一区二区在线观看免费| 少妇又紧又色又爽又刺激视频网站 | 国产在线拍偷自揄拍视频 | 欧美一区二区精品久久911| 精品久久久久久亚洲综合网 | 亚洲第一区国产精品| 欧美日韩亚洲另类| 欧美精品中文字幕在线观看| 午夜伦情电午夜伦情电影 | 日韩精品999| 午夜影院黄色片| 久久99亚洲精品久久99| 久久精品99国产精品亚洲最刺激| 夜夜躁狠狠躁日日躁2024| 国产偷亚洲偷欧美偷精品| 精品国产一区二区三区麻豆免费观看完整版 | 国产精品欧美日韩在线| 精品国产鲁一鲁一区二区三区| 久久网站精品| 国产欧美日韩精品一区二区图片| 日本一二三四区视频| 久久精品综合| 欧美二区在线视频| 一区二区欧美视频| 一级久久久| 夜夜精品视频一区二区| 欧美精品中文字幕亚洲专区| 美国三级日本三级久久99| 99精品国产一区二区三区麻豆| 日韩精品免费一区二区在线观看| 91精品中综合久久久婷婷| 精品福利一区二区| 李采潭无删减版大尺度| 国产伦理精品一区二区三区观看体验 | 国产资源一区二区| 日本一码二码三码视频| 少妇又紧又色又爽又刺激视频网站| 热久久国产| 午夜在线看片| 日韩精品一区二区三区免费观看| 国精偷拍一区二区三区| 中文乱码在线视频| xoxoxo亚洲国产精品| 四虎久久精品国产亚洲av| 精品999久久久| 91日韩一区二区三区| 久久99久久99精品蜜柚传媒| 久久免费精品国产| 国产精品免费观看国产网曝瓜| 精品久久久影院| 久久久久久久国产精品视频| 亚洲高清乱码午夜电影网| 国产丝袜一区二区三区免费视频 | 国产69精品久久久久999天美| 中文字幕欧美日韩一区| 首页亚洲欧美制服丝腿 | 91精品国产91久久久| 欧美乱妇高清无乱码| 99精品一区| 国产aⅴ精品久久久久久| 天干天干天啪啪夜爽爽99| 午夜黄色一级电影| 2023国产精品自产拍在线观看| 91精品啪在线观看国产线免费| 7777久久久国产精品| 亚洲一级中文字幕| 午夜码电影| 日韩av视屏在线观看| 国产高清在线观看一区|