2024/07/24

Kouchouk addresses G20: Geopolitical woes linger, but economy adapts

Egypt's newly appointed Finance Minister, Ahmed Kouchouk, headed to Brazil today, Wednesday, to participate in the G20 Finance Ministers and Central Bank Governors' meetings, commencing Thursday. This marks his first international engagement since assuming the helm of the Ministry of Finance.

During his participation in the G20 meetings, he will champion the Egyptian government's balanced economic approach, characterized by a deeper understanding of global, regional, and local challenges, coupled with greater openness to international investors. This strategy reflects Egypt's priorities for the upcoming phase.

The minister presents the current Egyptian visions to support the global economic growth, the green transition by stimulating sustainable financing, developing and reforming the global financial system and the international tax system, and reviews mechanisms for optimally exploiting the potential of emerging economies to strengthen their capabilities and contribute to the advancement of the global economy. The minister emphasized the importance of unified visions, coordinated positions, and deeper cooperation with other emerging economies within the G20. This collaboration would benefit Egypt, other emerging economies, and particularly those in Africa.

The minister affirmed that the economy is still affected by global and regional geopolitical tensions, but at the same time it has begun to "adapt" to these difficult conditions, as the Egyptian government is pushing for recovery efforts targeting sustainable growth, based on maximizing local production and stimulating exports.

He further emphasized that the government's focus for the coming period is on building sustainable fiscal policies. These policies will create more room in the budget for increased spending on health, education, and social programs. Additionally, the government is committed to improving its relationship with investors. This will help ensure a steady flow of investments and contribute to achieving sustainable development. Ultimately, the goal is to establish a stimulating business environment that attracts investors through preferential incentives, a level playing field (competitive neutrality), and streamlined procedures.