Friday 22 Nov
Yasser Sobhy, Deputy Minister of Finance for Fiscal Policies, stated that Egypt is poised to enter a new era of stability and economic growth, driven by the private sector. He explained that the country is actively seeking partnerships with both domestic and international private entities to foster a more competitive, diversified economy capable of enhancing living standards.
During his address at the CIPE
conference, Sobhy emphasized the government's commitment to encouraging private
sector involvement in crucial sectors such as transportation, healthcare,
education, and infrastructure projects. He highlighted the substantial progress
made in recent years and expressed optimism about the upcoming phase, which
will feature an increased number of "partnership contracts" designed
to offer the private sector more extensive and promising opportunities.
Sobhy further emphasized the
government's implementation of ambitious fiscal reforms aimed at empowering the
private sector as a key driver of development. These reforms seek to expand the
domestic production base and enhance Egypt's competitiveness in global markets.
He noted the ongoing efforts to improve public financial management, optimize
government spending, achieve fiscal equilibrium, and alleviate the strain on
the budget. To this end, a spending cap has been established, and budgetary
priorities have been realigned with a focus on healthcare, education, and
infrastructure.
Sobhy also asserted that the success of fiscal reforms hinges on creating a conducive and investment-friendly business environment. Consequently, the government aims to strengthen the relationship between the tax system and the business community, foster trust, ensure tax stability, streamline administrative and tax procedures, enhance transparency, and establish a level playing field for businesses.
He announced a new package of investment incentives designed to revitalize and expand key sectors, including industry, exports, tourism, renewable energy, and technology. Sobhy noted the government's goal of achieving fiscal discipline and reducing the debt-to-GDP ratio to below 85% within the next three years. He highlighted the recent success in reducing the external debt of general government agencies by approximately $4 billion as of the end of June.
