Thursday 19 backend.Sep
Ahmed Kouchouk, Minister of Finance, affirmed that bolstering the role and contributions of both domestic and foreign private sectors in Egypt's economy is a top priority. By rationalizing public investment spending, the government aims to stimulate private investment as a cornerstone of comprehensive and sustainable development.
Additionally, tax policies and
procedures will be stabilized and designed to support private sector growth. To
foster investment, the government will prioritize support for production and
export industries.
Kouchouk emphasized that Egypt's
preferential advantages position its investment opportunities competitively
within the region. He added that the country's advanced infrastructure and
strategic investment incentives form a compelling foundation for both domestic
and foreign private sector investment.
During his first meeting with
international investors in London, the Minister emphasized Egypt’s
comprehensive and adaptable strategy to navigate global and regional
challenges, thereby fostering economic recovery and stability.
He highlighted the government’s
collaboration with the International Monetary Fund on a comprehensive program
aimed at bolstering Egypt’s economic performance. The Minister also underscored
the government’s commitment to implementing consistent and balanced economic
policies to mitigate inflationary pressures.
He added that declining inflation
and eased financing pressures will accelerate debt reduction and lower the debt
service-to-GDP ratio. This is particularly significant given that reform
programs with international institutions will secure over half of the current
fiscal year’s foreign currency funding needs for the general budget. The
government remains committed to adhering to the debt ceiling, managing
government guarantees, diversifying funding sources, and achieving sustainable
growth targets.
The Minister expressed the government's eagerness to foster robust engagement with all investor groups, particularly given Egypt's diversified economy. The upcoming period will feature intensified outreach to foreign investors aimed at attracting increased investment. The government will maintain open, consistent, and transparent communication with investors, acknowledging the challenges and outlining the path to economic reform. Furthermore, the government will clearly communicate economic gaps and targeted short and medium-term structural reforms. By providing timely economic data, we aim to solidify trust and credibility with all investors, including the international community.
