Ministry of Finance
Furthermore, he pointed to Egypt’s target of achieving a primary surplus of 3.5 percent in the fiscal year 2024/2025.
This strategy aims to extend the life of debt and minimize its burden and cost
Minister Maait emphasized the importance of international financial institutions in providing sustainable funding to developing economies.
Maait emphasized the pressing need for the private sector to assume a more prominent role in Egypt's economy, considering that nearly one million young individuals enter the labor market yearly while the government can only create around 100,000 new jobs
Maait emphasized the importance of addressing import practices that lead to the accumulation of goods in ports and any goods left unclaimed by their owners beyond the prescribed legal period will be dealt with decisively
Egypt has also managed to stabilize the total deficit at 5.42 percent. To further stimulate economic growth, investments financed by the state's public treasury have decreased by 19 percent, creating space for increased participation from the private sector
The government has disbursed a total value of 54.5 billion pounds in support of exporters through initiatives addressing the payment of late dues to the Export Development Fund since October 2019
During the meeting, the Prime Minister emphasized the urgent need to expedite customs procedures to release goods and merchandise at various Egyptian ports. This measure aims to boost the supply of essential commodities, manufacturing inputs, and medicines in the Egyptian market.
737 field campaigns involving 50,000 establishments in Cairo and other areas were conducted and showed a compliance rate of 66 percent for income tax registration and 49 percent for value-added tax registration. As a result of these campaigns, tax dues totaling LE 1.6 billion have been paid instantly.
The interest rate for this financing will not exceed 15 percent. The allocated funds will be divided into two categories: LE 105 billion for working capital and LE 15 billion for the acquisition of machinery, equipment, or production lines.
In a statement released on Saturday, the minister emphasized the significance of the IMF’s approval in support of Egypt’s economic reforms
The council, chaired by the Prime Minister, will include heads of the Federation of Egyptian Chambers of Commerce, Federation of Egyptian Industries, and Egyptian Federation of Investors Associations
These discussions took place during an open dialogue on the upcoming budget for FY2024/2025, which is set to commence on July 1st
Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners
The average return on the bills stood at 29.913 percent, CBE data showed that banks and financial institutions submitted 387 offers with amounts estimated at LE 73 billion
Maait will present Egypt's perspective on various aspects, including the need for the global financial structure to accommodate the requirements of developing and emerging nations.
The new regulations aim to govern funds and private accounts while complementing efforts to establish a robust framework for preparing, implementing, and monitoring the state's general budget and economic entities
The ministry will submit a Tax Policy Strategy for Egypt 2024/2030 document to the National Dialogue.
However, during the same period, the government successfully offered T-bonds worth around LE 7 billion for durations ranging from 3 to 7 years, with an average return rate between 23 and 25 percent
Egypt aims to enhance private sector participation in public investments to reach 65 percent in the coming years
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