Manila:Minister of Finance Ahmed Kouchouk announced that the International Monetary Fund (IMF) has revised its forecast for Egypt's economic growth, projecting a 4.7% growth rate in 2027, up from the previous estimate of 4.4%.

According to State Information Service Egypt, Kouchouk emphasized the importance of clarity and transparency in dealings with investors, which enhances predictability and strengthens confidence in Egypt's economic trajectory. During discussions with international investors at meetings hosted by JPMorgan and Bank of America, he stated that Egypt's economy is advancing positively as economic and fiscal reforms are implemented.

Kouchouk highlighted a balanced approach to maintaining financial stability, stimulating investment, and increasing production and exports. He noted that Egypt has adopted proactive measures to address economic shocks, which have been well-received by investors and markets. The country offers promising investment opportunities along with incentives, tax, and customs facilitations to support economic activity and the business sector.

Additionally, Kouchouk reported strong fiscal performance, with a primary surplus rising to 4.9% and the budget deficit decreasing to 5.8% of GDP in the last fiscal year. The government's efforts in providing tax facilitation and fostering partnerships have increased voluntary tax compliance, boosting tax revenues by approximately 27% without additional burdens.

Kouchouk also mentioned Egypt's commitment to reducing the external debt of budget-sector entities by US$1 billion to US$2 billion annually. The government aims to diversify funding sources and extend debt maturities to meet financing needs at minimal costs and over extended repayment periods.