Egypt’s Finance Minister advocates fiscal discipline, economic resilience at G20 – Dailynewsegypt
Egypt’s Minister of Finance, Ahmed Kouchouk, has emphasised the country’s adept handling of complex geopolitical impacts while implementing a comprehensive program to enhance economic performance. He expressed optimism regarding the International Monetary Fund (IMF) Board’s approval of Egypt’s economic reform program during the third review scheduled for July 29. Kouchouk also underscored the goal of securing funding from the “Resilience and Sustainability Trust.”
During his meeting with Kristalina Georgieva, IMF Managing Director, on the sidelines of the G20 meetings in Brazil, Kouchouk highlighted Egypt’s commitment to fiscal discipline, aiming for a downward trajectory in the budget sector debt-to-GDP ratio. The government seeks to create fiscal space for increased investment in education, health, and social protection. Additionally, efforts are underway to reduce inflation rates, ensuring price stability, improving living standards, and supporting business competitiveness.
Kouchouk emphasized that the government’s immediate focus is on boosting private sector investments, enhancing productive and export-oriented activities, and improving the business environment to strengthen Egypt’s competitiveness and attract foreign direct investment. Simultaneously, the government is streamlining tax and customs procedures to rebuild trust between the business community and tax administration, ultimately improving services for taxpayers.
The Minister of Finance reaffirmed the government’s commitment to driving structural reforms and encouraging private investments in renewable energy, technology, water desalination, and infrastructure sectors. He pointed out that efforts are also being made to align economic policies by setting a cap on total public investments, government guarantees, and the general government debt-to-GDP ratio.