Egypt’s economic stability, private investment attraction on track: Finance Minister – Dailynewsegypt
Ahmed Kouchouk, the Minister of Finance, affirmed that Egypt’s economic situation has stabilized and that the government is actively working to attract private investments. He highlighted that the country achieved positive financial indicators in the budget for the fiscal year ending in June 2024, reducing the budget deficit to 3.6% and achieving a primary surplus of 6.1%, including returns on sovereign wealth. This progress encourages the continuation of economic reforms despite global and regional challenges. The government is continually enhancing financial risk management to minimize the negative impacts of economic repercussions on various sectors and citizens.
During his first meeting with the British Ambassador to Cairo, Gareth Bayley, at the Ministry of Finance headquarters in the New Administrative Capital, Kouchouk stated that the Egyptian government is pursuing multiple avenues under an integrated and consistent vision to enhance the competitiveness of the Egyptian economy, promote exports, and boost investment in light of the current global and regional challenges. He emphasized that the government is working to make its fiscal policies more stimulating to increase the role and contributions of the private sector in economic activities. This effort aims to optimize Egypt’s comparative advantages, modern infrastructure, and investment incentives, deepening local production and manufacturing.
Kouchouk noted that he began a series of meetings with international investors in London with a realistic and balanced message outlining the challenges and economic reforms the state is undertaking in the short and medium term. This initiative is part of the Egyptian government’s commitment to providing up-to-date data and strengthening trust and credibility with all investor groups.
The Minister of Finance pointed out that the United Kingdom is an important economic partner for Egypt and one of the largest investors in the Egyptian market. Egypt looks forward to expanding British projects in productive sectors and human development. He emphasized that Egypt has many ideas that open broad horizons for bilateral and multilateral cooperation to achieve economic and social development. Egypt is open to all initiatives and programs aimed at facilitating international trade and ensuring the competitiveness of the Egyptian economy.