Monday 16 backend.Sep
Ahmed Kouchouk, Minister of Finance, confirmed that the economic situation in Egypt has stabilized and is actively working to attract private investments.
He said that the significant reduction in the deficit to 3.6% and the achievement of a primary surplus of 6.1%, including returns from the Ras al-Hekma, demonstrate the positive financial performance of the previous budget. This success reinforces the commitment to economic reform amidst global and regional challenges. The government is actively working to improve financial risk management to mitigate the negative economic effects on various sectors and citizens.
In his meeting with the British
ambassador to Cairo, Gareth Bailey, at the Ministry of Finance headquarters in
the Administrative Capital, Kouchouk underscored the government's comprehensive
efforts to bolster Egypt's economic competitiveness and attract foreign
investment. By implementing financial policies that foster private sector
participation and leverage our existing advantages, infrastructure, and
investment incentives, we aim to stimulate local production and manufacturing.
He also announced the
commencement of a series of meetings with international investors in London.
The objective is to provide a transparent and balanced overview of Egypt's
economic challenges and reforms, emphasizing our commitment to transparency and
credibility.
He emphasized the significance of Egypt's economic partnership with Britain, one of our largest investors. We are eager to expand British investment in productive sectors and human development. Our open approach to cooperation and our commitment to facilitating trade and enhancing Egypt's competitiveness will foster mutually beneficial partnerships.
