Press Release
Yasser Sobhi, Deputy Finance Minister at Africa Finance Summit: Financial stability is key to economic growth and citizen welfare
Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies, said financial stability is a cornerstone for economic growth and improving citizens’ living standards, highlighting that Egypt’s balanced fiscal policies have contributed to lowering debt and inflation rates while boosting economic activity.
Speaking at the inaugural Africa Finance Summit, Sobhi said Egypt is working to enhance public financial management and implement a program- and performance-based budget system to improve the efficiency of public spending and achieve financial targets within a comprehensive and coherent economic vision.
He noted that Egypt’s experience in sustainable finance opens up new financing opportunities for African economies, pointing out that the issuance of sustainability bonds helps fund socially impactful projects necessary for economic stability.
Sobhi said Egypt is diversifying domestic and international financing sources and instruments to reduce costs and risks while maximizing benefits from concessional financing sources.
He also highlighted new programs and initiatives aimed at increasing spending on social protection and human development and improving services provided to citizens.
Sobhi stressed that voluntarily bringing the informal economy into the formal sector is a strategic priority to broaden the tax base and harness untapped economic potential.
Sobhi added that the Borrowing Countries Forum will help improve financing conditions for Africa and other developing countries, supporting investment flows and promoting inclusive and sustainable growth.
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