We built strong ties with investors, fulfilled our promises and will continue boosting the competitiveness of Egyptian economy

Minister of Finance, Ahmed Kouchouk affirmed that the bet on private sector was successful, which reflected strongly on the financial and economic performance of the Egyptian state, pointing out that we build a confidence-based relation with investors, as we fulfilled our promises and will continue boosting the competitiveness of Egyptian economy.

 

"We have good and stimulus indicators which mirror the potentials of Egyptian economy to attract more investment inflows. The third quarter of the past fiscal year recorded a growth rate of 4.7%, thanks to the 80% increase of private investment in the first nine months of the past fiscal year," said Kouchouk in a panel discussion organized by "Al Ahly Pharos for Securities Brokerage", moderated by Hany Genena, Head of Research at Al Ahly Pharos.

 

Kouchouk added that the sectors of industry, tourism, communication and information technology witnessed great growth, while exports hiked around 30%. The highest initial surplus was achieved during the past fiscal year by 3.6% of domestic product despite the retreat of revenues of Suez Canal and energy sector.

 

"Tax revenues increased over 35% without imposing any new tax or burdens; rather, we facilitated and stimulated attraction of taxpayers on a voluntary basis. The prompt response and confidence of our partners, the taxpayers, together with launching the first bundle of "facilities" encourage us to keep moving on the track of confidence and tax certainty," said Kouchouk.

 

The Minister affirmed that the second bundle of tax facilities will be launched during the next period to strengthen partnership with the business community. The Ministry of Finance is working on launching an integrated and efficient system to ease and accelerate the process of VAT refund, pointing out that the good start of the new fiscal year stimulates us to resume the ambitious economic track, as we believe that the faster economic growth, the better  sustainable financial results.

 

"We are committed to proceed with balanced financial policies to support economic growth without prejudice to financial stability and discipline. We will launch more reforms to create new instruments for funding, saving and investment aiming to expand economic activity through our finance vision for the present fiscal year, within the framework of a full-fledged strategy to reduce the rates and burdens of debt as well as to elongate debt life," said Kouchouk.

 

"We cooperate with the Ministry of Planning and International Cooperation to expand the scope of development finance from our international partners. Furthermore, local Sukuk will be launched within the first half of the present fiscal year," added Kouchouk.