Emphasizing the government’s commitment to strengthening the role of both local and foreign private sectors in the Egyptian economy, Minister of Finance Ahmed Kouchouk, spoke with several international investors in London on Wednesday 31/7/2024.
Kouchouk outlined key fiscal policies and upcoming tax measures designed to provide greater stability and support for the private sector, fostering a conducive environment for increased investments.
The finance minister also emphasized that the state’s decision to limit general investment expenditures aims to stimulate private investments into the economy by providing more opportunities.
According to the most recent data, the private sector’s contribution to the economy has increased from 30 percent over two years to 40 percent in 2024. Former planning minister, Hala El Said, shared in May that this was expected to jump to 50 percent by next year.
Egypt will vigorously support production and exports, leveraging our competitive advantages to enhance Egyptian invest
ment opportunities within the region, stated Kouchouk, pointing to the country’s advanced infrastructure and various investment incentives as key attractions for both local and foreign investors.
In addressing global and regional challenges, Kouchouk highlighted Egypt’s strategic and flexible approach aimed at promoting economic recovery and stability.
Egypt is collaborating with the International Monetary Fund (IMF) through a comprehensive program aimed at enhancing Egypt’s economic performance, with a specific focus on reducing inflationary pressures through balanced economic policies, he added.
Regarding fiscal management, Kouchouk expressed optimism about the fiscal year ahead, noting that reforms in collaboration with international institutions are expected to cover more than half of the budgetary foreign currency requirements.
The finance minister explained that there is a high possibility to decrease debt and the debt service burden on the GDP rapidly, given the recession of inflation rates and the
intensity of financing pressures.
Kouchouk also underscored Egypt’s commitment to openness and transparency with all investor segments, emphasizing the country’s diverse economic landscape.
The meeting comes shortly after the International Monetary Fund’s completion of the 3rd review of Egypt’s $8 billion loan program.
Source: State Information Service Egypt
