Mohamed Maait
Maait's remarks came during his meeting on Wednesday with AFDB President Akinwumi Adesina, on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in the Red Sea resort city of Sharm El Sheikh.
Maait elaborated that Egypt’s budget deficit recorded its highest rate during the period between 1980 to 1985, reaching 13.8 percent, before it started to decline to range from 4.4 percent to 6 percent.
Themed “Unity in a time of crises”, the meetings are meant to exchange views about and ideas of effective solutions to problems caused by successive global economic crises.
This will take place by engaging new cities and governorates to the initiative, Maait explained, noting that citizens of Upper Egypt’s Luxor and Aswan have been allowed to join the initiative.
Maait added that it also aims to increase the proportion of its contributions from the total implemented investments to 65 percent, and attract foreign direct investments of $10 billion annually over the next four years.
President Abdel Fattah El Sisi has ordered continuing work to achieve the financial discipline of the State budget while taking all measures to ensure maintaining the State's safe financial and economic track.
Egypt’s Minister of Finance Mohamed Maait said Egypt has been the only country in the Middle East and Africa to retain the confidence of the three international assessment institutions of Fitch Ratings, S&P Global Ratings, and Moody’s.
The Egyptian government has launched a financial package worth LE 135 billion as per presidential directives to mitigate the impact of the global impact of the Ukraine crisis on people and economic sectors, Finance Minister Mohamed Maait said.
Maait said In a statement issued, Wednesday, that the needs of supporting food commodities were funded by about LE 26.9 billion.
He expounded that magnifying revenues would reduce the budget deficit, public debt and inflation rates.
Maait clarified that this is the result of the careful implementation of harmonious and balanced financial and economic policies.
Finance Minister Mohamed Maait said that over 24 billion Egyptian pounds were provided to the health sector to face Covid-19 pandemic and nearly 47 billion Egyptian pounds were allocated to the education sector to support the education system.
He pointed out that the timing, size and type of offering will be determined later.
Since the beginning of the implementation of the initiatives to return the “arrears” of the dues of the exporting companies in October 2019 so far, the exporting companies have been supported with LE 28 billion; It is a support that was not previously allocated to the export sector, reflecting the state's keenness to stimulate exports.
Maait added that the real estate tax is one of the oldest types of taxes in the legislative system, noting that it is a tax imposed when real estate is disposed of by sale, and the burden of which is borne by the seller, not the buyer.
The port and center, to be built over 250 feddans, are meant to maximize the contribution of the private sector to development projects, Maait said in a statement Monday.
We are moving ahead with our reform and development march through achieving a balance and flexibility among the adopted financial and economic policies, Maait said in a statement Thursday.
Maait said the aim of issuing Sukuks is to finance the state general budget, as well as investment and development projects included in the budget.
It is part and parcel of a national project to build a comprehensive digital administrative system, the minister said.
Maait called on the customs officials to continue their duties and facilitate the procedures in a way that beefs up investments.
Most Read
