Private sector achieved growth, acquired 60% of investments in 10 months

The strong and ambitious results of financial performance encourage us to continue economic reforms

Minister of Finance, Ahmed Kouchouk, affirmed that the Egyptian economy is improving and "the future is promising", pointing out that the private sector proved its ability to achieve growth as it acquired 60% of the total investments in the past ten months.

Kouchouk said the strong and ambitious results of financial performance encourage us to continue economic reforms, as we achieved the highest initial surplus since 2005 at 3.1% in the period of time from July to May despite retreat of revenues from Suez Canal and the energy sector.

Kouchouk added that the Ministry seeks to achieve its financial objectives despite the loss of EGP 110bn revenues from Suez Canal; furthermore, the ministry afforded EGP 150bn "additional support" to the energy sector.

 

 

"We recorded the highest tax revenues for many years, at 38% growth, without imposing new tax burdens. A strong growth is realized in the first half of the year in tourism, non-petroleum manufacturing, information technology and communication," said Kouchouk. "The average increase in spending on Health reached 27%, on education reached 23% during the past ten months, besides EGP 95bn for supply commodities with an annual growth of 37%, and EGP 30bn for social security "Takaful and Karama" with 24% increase. Further, an amount of EGP 11bn was spent for the treatment on state expense with an annual growth rate of 35%, and EGP 8bn for supporting industrial growth with a growth rate of 128%. In addition, allocations of around EGP 15bn were provided to support exporters," added Kouchouk.

 

 

Minister of Finance, Ahmed Kouchouk stated that the external debt of budget bodies declined USD 2bn within the past ten months, pointing out that the recovery of foreign investors' confidence helped elongating debt life to 1.8 year in December 2024. The transfers of Egyptians abroad reached USD 26.4bn, with 82.7% increase in the period of time from July to March.