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Egypt, Arab Republic of - First Fiscal Consolidation, Sustainable Energy and Competitiveness Programmatic Development Policy Financing Program (English)

Egypt, the largest country in the MENA region with a population of 89 million, and the fourth largest economy with a GDP of US$ 320 billion in 2015, is at an inflexion point within a region laden with instability and conflict. This programmatic DPF series is aligned with the broadly endorsed World Bank Group (WBG) MENA strategy, which challenges the WBG to consider taking informed risks, when the results can have an important impact on peace and stability in the region. The DPF series is aligned with pillars of the MENA Strategy, namely renewing the social contract and supporting economic recovery. This programmatic DPF series builds on the analysis and pillars set out in Egypt Systematic Country Diagnostic including the three highest priorities: macroeconomic stabilization, continued energy subsidy reform, and improvement in public governance. As such, the DPF is also aligned with Egypt Country Partnership Framework (see paragraphs 85 and 86), which along with the MENA Strategy, seek to achieve the WBG’s twin goals of eradicating extreme poverty and boosting shared prosperity in a sustainable manner. This DPF series supports Egypt’s reform program which aims to: (1) advance fiscal consolidation through higher revenue collection, achieve greater moderation of the wage bill growth, and strengthen debt management; (2) ensure sustainable energy supply through private sector engagement; and (3) enhance the business environment through investment laws, industrial license requirements as well as enhancing competition. Stepping up to support Egypt in this critical period represents a unique opportunity for the World Bank Group to realign its relationship to a morestrategic level, which can yield substantial benefits including: (a) safeguarding the recent improvement in the macroeconomic framework after four years of deterioration; (b) paving the way for a more strategic partnership with Egypt that enables the full utilization of the Bank knowledge, convening, and financing capabilities, and (c) supporting reform implementation momentum.

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Details

  • Document Date

    2015/11/23

  • Document Type

    Program Document

  • Report Number

    100978

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Egypt, Arab Republic of

  • Region

    Middle East and North Africa,

  • Disclosure Date

    2015/12/21

  • Disclosure Status

    Disclosed

  • Doc Name

    Egypt, Arab Republic of - First Fiscal Consolidation, Sustainable Energy and Competitiveness Programmatic Development Policy Financing Program

  • Keywords

    public sector debt;poverty and social impact analysis;small and medium enterprise;Public Financial Management;Oil and Gas Sector;long term debt;positive real interest rates;effectiveness of public spending;flexible exchange rate policy;exchange rate management policy;balance of payment;foreign exchange supply;wages and salary;corporate income tax;private sector engagement;international oil price;macroeconomic policy framework;fiscal consolidation;external account;interest rate shock;foreign exchange market;foreign currency demand;Oil &Gas;parallel exchange rate;high poverty rate;international financial market;foreign exchange assets;private sector dynamism;source of employment;internal audit function;public service delivery;foreign direct investor;repatriation of profit;tax on cigarette;real estate tax;increase in capital;summary of risks;value added tax;burden of adjustment;domestic banking sector;exchange rate adjustment;external debt service;international capital market;debt management capacity;fiscal consolidation effort;liquefied petroleum gas;daily exchange rate;real growth rate;broad money;raising tax revenue;import of goods;source of financing;implementation of reform;taxes on goods;official exchange rate;government's reform program;government borrowing need;labor intensive work;competitive exchange rate;foreign oil company;Grievance Redress Service;high unemployment rate;labor intensive industry;peak electricity demand;foreign exchange needs;foreign exchange demand;issuance of licenses;sale of land;income tax law;energy price reform;higher fuel price;public investment program;fuel price adjustments;fruit and vegetable;condition of effectiveness;contribution of investment;improved service delivery;Wage Bill;external financing;energy subsidies;external environment;Energy Sector;primary deficit;economic slowdown;macroeconomic framework;electricity tariff;economic recovery;business environment;primary balance;private investment;sustainable energy;fiscal deficit;gradual restoration;sovereign bond;real gdp;residential consumption;formal employment;financing need;market price;foreign reserve;electricity subsidies;social demand;power outage;fiscal policy;fiscal stance;generation capacity;Fiscal policies;domestic liquidity;auction system;reform implementation;import needs;macroeconomic indicator;license requirement;global demand;investment law;trade balance;Job Creation;Exchange Rates;commodity import;high share;legal requirement;debt dynamic;finance infrastructure;net effect;net import;capital account;bond repayment;capital inflow;Capital Inflows;constitutional obligations;macroeconomic event;international market;energy-intensive industry;administrative support;lackluster performance;positive debt;fiscal side;external borrowing;domestic sources;youth unemployment;external volatility;high tax;debt stock;domestic demand;external demand;gas field;export market;downside risk;global financial;public debt;large debt;macroeconomic development;domestic output;food price;central agencies;economic repercussion;Political Economy;remittance inflow;net export;environmental affairs;investment income;international reserve;oil trade;government's strategy;debt instrument;debt maturity;crowding out;financing source;bottom quintile;credit facilities;external obligation;primary surplus;political will;Macroeconomic Stability;debt portfolio;press release;inflation average;financial inclusion;Social Protection;consumption blocks;civil society;cost of energy production;heavy reliance;domestic debt;Business Climate;facilitation system;web portal;approval procedure;social transfer;petroleum product;extreme poverty;parallel financing;public governance;policy uncertainty;macroeconomic stabilization;social contract;Fiscal Expansion;Regional Security;merchandise import;debt repayment;steep decline;government deposit;social spending;constitutional commitment;environmental aspect;social pension;tax collection;domestic factor;airline ticket;fiscal outturn

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Citation

Egypt, Arab Republic of - First Fiscal Consolidation, Sustainable Energy and Competitiveness Programmatic Development Policy Financing Program (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/630471468186542188/Egypt-Arab-Republic-of-First-Fiscal-Consolidation-Sustainable-Energy-and-Competitiveness-Programmatic-Development-Policy-Financing-Program