Egypt launches major initiatives to enhance business environment, propel private sector development: Finance Minister – Dailynewsegypt
Finance Minister Mohamed Maait has reaffirmed the government’s dedication to comprehensive economic reforms aimed at confronting both domestic and international obstacles. These challenges have been magnified by a series of global and regional upheavals, further intensified by the COVID-19 pandemic’s aftermath, the conflict in Ukraine, rising tensions in Gaza, and instability in the Red Sea area. Maait underscored the government’s objective to fortify the economy, with a heightened focus on domestic manufacturing and export enhancement.
Addressing a workshop hosted by the International Monetary Fund’s Middle East Regional Technical Assistance Centre (METAC), the Finance Minister acknowledged the government’s substantial progress in refining the business environment and invigorating private sector expansion to stimulate economic dynamics. The strategy is to bolster private investment inflows, implementing vigilant and forward-thinking fiscal strategies to allure both domestic and international investors.
“We remain steadfast in our commitment to bolster financial governance to safeguard public finances from the adverse effects of ongoing global and regional turmoil,” Maait declared. He drew attention to initiatives aimed at broadening the tax base by leveraging advanced electronic systems to assimilate the informal sector, ensuring the state’s fiscal entitlements are met, thus fostering investments in healthcare and education.
Furthermore, Maait highlighted Egypt’s eagerness to draw upon the Middle East Technical Assistance Centre’s expertise to bolster stability, drive sustainable economic progress, and reinforce the nation’s fiscal and economic resilience.