Friday 22 Nov
Minister of Finance, Dr. Mohamed Maait, meets with Morgan Stanley's head of EMEA Operations, Claire Woodman, on the sidelines of the World Economic Forum in Riyadh.
Maait affirms that Egypt’s structural reforms pave the way
for stability and economic growth in Egypt.
He explained that Egypt is bearing heavy financial, economic,
and political burdens due to the volatile geopolitical situation in the region,
particularly the war on Gaza and the situation in the Red Sea.
He added that Ras ElHekma development project underscores Egypt's ability to attract greater investment inflows, considering the significant investments in infrastructure development. This project is well-prepared to accommodate a wider range of productive activities across various sectors of the national economy, particularly agriculture and industry. Additionally, the state's efforts to empower the private sector and prioritize regional and international competitiveness will further stimulate export rates.
Egypt's strategic geographic location and the diverse opportunities offered by
its dynamic economy, with its growth potential and development capabilities,
position it as a highly attractive investment destination regaining its global
standing.
The minister stated that economic and financial performance
is on the rise, with expectations exceeding initial targets by next June,
taking into account the collection of about $12 billion, representing half of
the Ras Hekma City development project's revenues, which will be directed to
the state's general treasury.
Projections include achieving a primary surplus of
approximately 5.75% of GDP, reducing the overall deficit to around 3.95% of
GDP, maintaining the debt ratio of budget agencies at the anticipated 89% of
GDP, and boosting tax revenues by more than 23%.
These advancements reflect the success of the Ministry of
Finance's tax policy reform program, which emphasizes maximizing state revenues
through expanded automation, improved control and registration of taxpayers,
and enhanced performance from tax and customs authorities.
He expressed his eagerness to benefiting from Morgan
Stanley's expertise and capabilities. This collaboration will focus on
strengthening hedging mechanisms against rising commodity prices and exploring
opportunities in non-traditional financing solutions.
