CAIRO - 23 May 2024: Finance Minister, Mohamed Maait, highlighted the allocation of LE 1 trillion for public investments in the new budget as a means to stimulate private investments, during a meeting of the Council of Arab Finance Ministers, as part of the annual joint meetings of Arab financial entities.
This move is expected to capitalize on a conducive business environment, underpinned by enchanced infrastructure, tax incentives, and financing opportunities for productive and export-oriented sectors.
Maait emphasized Egypt’s objective of enhancing fiscal capacity and restoring stability while promoting economic recovery.
To achieve these goals, a series of structural reforms will be implemented, ensuring a harmonious alignment of fiscal and monetary policies.
The minister underscored the significance of mechanizing the Egyptian tax systems, which not only integrates the informal economy but also fosters fairness and competitive neutrality without imposing additional tax burdens.
He acknowledged that Arab economies face substantial challenges arising from global and regional geopolitical tensions, as well as climate change.
Maait advocated for strengthening mutual investments among Arab countries to effectively leverage regional resources and take advantage of each nation’s preferential benefits.
Furthermore, he acknowledged the influential role of Arab financial and development institutions in supporting emerging economies.
The Minister explained Egypt's comprehensive strategy to improve public debt management, aiming to reduce the debt of budget agencies to less than 80 percent of GDP by June 2027.
He indicated that for the first time a debt limit of LE 15.1 trillion has been set, not exceeding 88.2 percent in FY 2024/2025, compared to 96 percent in FY 2022/2023.
Maait also expects the debt ratio to reach 90 percent by June 2024.
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