Wednesday 06 Nov
Minister of Finance Ahmed Kouchouk continued his extensive dialogue with international investors. In a virtual meeting hosted by EFG Hermes with over 60 foreign institutional investors, he emphasized the government's commitment to three key priorities to ensure financial and economic stability and stimulate private sector growth.
Kouchouk outlined the government's plan to build bridges of trust between the tax authority and the local and foreign business community, utilize diverse fiscal policy tools to increase the role and scope of the private sector and empower it to lead economic activities and put the debt-to-GDP ratio and debt service on a downward trajectory through a comprehensive strategy and work to improve external debt indicators.
He emphasized the government's
commitment to achieving its financial and economic targets through an ambitious
national fiscal and economic reform plan. He noted the significant progress
made, highlighting a strong primary surplus of EGP 90 billion during the first
quarter of the fiscal year, a figure exceeding four times the previous year's achievement.
The minister further highlighted
the government's success in reducing external debt. Budget agencies' external
debt decreased by approximately $4 billion over the past year, and the
debt-to-GDP ratio of these agencies declined to 89.6% in June 2024 from 96% in
June 2023.
Kouchouk mentioned that investors expressed keen interest in the Ministry of Finance's financing plan for the current year, particularly regarding upcoming issuances. He emphasized the positive impact of increased workers' remittances, tourism revenue, and foreign direct investment on economic activity and overall economic conditions.
