The economic situation in Egypt is reassuring. We seek an “investor-friendly” business environment

The budget indicators last June were «good». The economy is more stable with private sector growth

 

We achieved 6.1% primary surplus, including the returns of «Ras al-Hikma». The budget deficit fell to 3.6%

 

The internal debt rate of the budget decreased by 4.7% and external indebtedness decreased by more than 4% with average maturities extending to 12.7 years

 

Achieving "annual primary surpluses" to reduce debt to less than 85% by the end of the next fiscal year

 

Developing the government stock market. to attract new investors and reduce the cost of financing

 

We cooperate with the International Monetary Fund. A comprehensive program to improve the performance of the Egyptian economy

 

Manage macroeconomic risk with a more hedged view while leveraging global expertise

 

We look forward to a greater role for multilateral banks in promoting the growth and development of emerging economies

 

 

 

Ahmed Kouchouk, Minister of Finance, continued his series of meetings within the framework of his new round of extended economic dialogue with more than 100 representatives of major financial institutions and investment and development banks in London. He participated in a number of round tables with institutional investors interested in investing in the government stock market around the world, organized by HSBC, Morgan Stanley Bank and Jeffries Bank, talking about developments in the Egyptian economy, financial performance indicators, and the agenda of structural reforms, within the framework of a consistent strategy to enhance macroeconomic stability. He answered the inquiries of these institutions that reflect their keen interest in the Egyptian stock market.

 

The Minister participated in a session organized by the Bank of New York Mellon in the presence of Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade, Deputy Governor of the Central Bank, Chairman of the Financial Supervisory Authority, and economists from several international banks. Kouchouk confirmed that the Egyptian government, the Central Bank, the Financial Supervisory Authority, and the Egyptian Stock Exchange are working in one harmonious team to attract more investments to the capital market in Egypt.

 

Kouchouk met with the European Bank for Reconstruction and Development, and discussed ways to enhance joint cooperation, empower the private sector, and the importance of the role it plays in economic activity in the coming period.

 

Kouchouk stressed that the economic situation in Egypt is "reassuring", as reflected in "good" indicators of the financial performance of the budget during the past fiscal year ending last June, where we achieved 6.1% primary surplus, including the returns of «Ras al-Hikma», and the decline of the budget deficit rate to 3.6% of GDP, and the decrease of internal debt rate of the budget by 4.7% and the decline of external indebtedness by more than 4% with an average maturity of 12.7 years, pointing out that we aim to maintain the achievement of "annual primary surpluses" to bring down the debt-to-GDP ratio to less than 85% by the end of the next fiscal year.

 

The Minister said that the Egyptian economy will be more stable with the growth of the private sector and the expansion of its area in investment and development activities, in light of the government's concrete efforts to make room for private investments, whether by setting a ceiling for public investments, continuing the government proposals program within the framework of the "State Ownership Policy Document", consolidating competitive neutrality by canceling preferential tax transactions for state-owned companies and entities, and developing infrastructure, in addition to attractive incentives for local production and export, competitive opportunities in sectors of global and regional priority, and simplifying procedures to reach the "golden license".

 

The Minister added that we seek to contribute effectively to establishing the foundations of an "investor-friendly" business environment, based on a sufficient amount of confidence, clarity and tax certainty necessary to build investment plans for new projects within an extended framework of confidence and positive partnership between the Tax Authority and the local and foreign business community.

 

The Minister pointed out that we are working to develop the government stock market to attract new investors and reduce the cost of financing by diversifying its sources, tools, markets, currencies, and investor segments.

 

The Minister explained that we are cooperating with the International Monetary Fund with a comprehensive program to improve the performance of the Egyptian economy, stressing that we are keen to manage macroeconomic risks with a more hedged vision while benefiting from global expertise in dealing with international and regional challenges, and we look forward to a greater role for multilateral banks in promoting the growth and development of emerging economies.