We achieved the highest primary surplus of 435 billion pounds and 2.5% of GDP despite the decline in the revenues of the Suez Canal and the oil sector

We have lost 110 billion pounds from the revenues of the Suez Canal and have borne 150 billion pounds of additional support for the energy sector

We achieved a growth in public revenues by about 32% and expenses by 24% during the period from last July to March

We recorded the highest tax revenues in years amounting to 1.4 trillion pounds and 38% without imposing new burdens. On the contrary, we relied on simplification, facilitation, mechanization and expansion of the base through partnership with the business community

We are working to improve the investment climate by building bridges of trust with taxpayers and customs payers

Stability of the expenditure-to-GDP ratio at the same level as the previous year and the deficit decreased to 6.3%

$47.7 billion net foreign exchange reserves and inflation declines from 33.3% to 13.6%

59% for the private sector of total investments during the first half with an annual growth rate of 80%

Strong growth during the first half for the tourism sectors by 13.1%, non-petroleum manufacturing by 12.4%, communications and information technology by 15.1%

27% average increase in health spending and 23% in education over 9 months

95 billion pounds for ration goods with an annual growth of 37% and 30 billion pounds for social security "Takaful and Karama" with an increase of 24% 

11 billion pounds for treatment funded by the state at an annual growth rate of 35% 

8 billion pounds to support industrial production with 128% growth and 7 billion to stimulate exports with an increase of 78%

The external debt of the budget bodies decreased by $1 billion in 8 months

The beginning of the return of foreign investors' confidence helped extend the life of debt to 1.8 years in December 2024

 

 

 

Minister of Finance, Ahmed Kouchouk, confirmed in "letters of reassurance" to the House of Representatives that all financial and economic performance indicators have strongly improved during the past nine months as a result of improved economic conditions and confidence-building with our partners from the business community and taxpayers. We have achieved the highest primary surplus of 435 billion pounds and 2.5% of GDP despite the decline in the revenues of the Suez Canal and the oil sector, as we lost 110 billion pounds of the revenues of the Suez Canal, and we have incurred 150 billion pounds of additional support for the energy sector.

 

In the House of Representatives, during the presentation of the financial statement of the new draft budget for the year 2025/2026, which raises the slogan: "Balancing growth, stability and partnership with the business community", the Minister added,: "During the period from last July to March, we achieved growth in public revenues by about 32% and expenses by 24%, and we recorded the highest tax revenues in years at 1.4 trillion pounds and 38% without imposing new burdens. On the contrary, we relied on simplification, facilitation, mechanization and expansion of the tax base through partnership with the business community."

 

Kouchouk assured that we are working to improve the investment climate by building bridges of confidence with taxpayers and customs payers, pointing to the stability of the expenditure-to-GDP ratio during the period from July to March at the same level as the previous year and the decline of the deficit to 6.3% of GDP.

 

He pointed out that net foreign exchange reserves amounted to $47.7 billion, and the inflation rate fell from 33.3% in March 2024 to 13.6% last March.

 

He added that the private sector accounted for 59% of the total investments during the first half of the current fiscal year with an annual growth rate of 80%. During the first half, the tourism sectors witnessed strong growth by 13.1%, non-petroleum manufacturing industries by 12.4%, and communications and information technology by 15.1%.

 

He said that the average increase in spending on the health sector during the past nine months amounted to 27% and in education amounted to 23%, pointing out that 95 billion pounds were spent for rationed goods with an annual growth of 37% and 30 billion pounds for social security "Takaful and Karama" with an increase of 24% and 11 billion pounds for treatment at the expense of the state with an annual growth rate of 35% and 8 billion pounds to support industrial production with a growth of 128% and 7 billion pounds to stimulate exports with an increase of 78%

 

The Minister added that the volume of external debt of the budget bodies decreased by $1 billion during the past eight months, explaining that the start of the return of foreign investors' confidence helped extend the life of the debt to 1.8 years in December 2024.