Mohamed Maait

Egypt’s tax-free car import initiative generates $685M in revenues

Sun, 17 Mar 2024 - 12:21 GMT

Ghatoury further informed that payment orders had reached $1.6 billion by the end of the previous week, with a total of 464,000 beneficiaries having availed themselves of the initiative

Egypt sets goal to achieve 3.5% primary surplus in GDP for FY2024/2025

Wed, 13 Mar 2024 - 03:00 GMT

These discussions took place during an open dialogue on the upcoming budget for FY2024/2025, which is set to commence on July 1st

No intention to issue bonds till end of current fiscal year: Finance Minister

Sun, 10 Mar 2024 - 04:46 GMT

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

Egypt commits to strengthening credit rating after Moody's positive outlook revision

Fri, 08 Mar 2024 - 10:58 GMT

Minister of Finance, Mohamed Maait, has reaffirmed Egypt's determination to enhance its credit rating in the near future, according to a statement from the Cabinet on Friday.

Minister of Finance to review Egypt’s economic vision at BRICS meetings tomorrow

Mon, 26 Feb 2024 - 03:47 GMT

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.

Egypt's finance ministry implements Unified General Finance Law through executive regulations

Mon, 26 Feb 2024 - 01:27 GMT

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

59 economic bodies to be integrated into Egypt’s general budget within 5 years

Mon, 19 Feb 2024 - 03:32 GMT

The ministry will submit a Tax Policy Strategy for Egypt 2024/2030 document to the National Dialogue.

Egypt cancels 29 T-bonds worth $1.12B during first half of FY23/24

Wed, 14 Feb 2024 - 01:26 GMT

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

IPO program aims to attract $6.5B by the end of 2024: Finance Minister

Tue, 13 Feb 2024 - 03:06 GMT

Egypt aims to enhance private sector participation in public investments to reach 65 percent in the coming years

Tax revenues surged 21% annually in FY2022/2023, Finance Minister

Sun, 11 Feb 2024 - 06:08 GMT

The minister added that Egypt has accumulated around LE 171 billion in the July 2023 – January 2024 period

UAE, Egypt sign protocol to enhance investment cooperation

Sun, 11 Feb 2024 - 05:14 GMT

Egypt's Minister of Finance, Mohamed Maait, emphasized the significance of the agreement against the backdrop of global challenges, stressing the need for coordinated Arab efforts to address the negative impacts on supply and import chains

Impact on Suez Canal’s revenues due to Red Sea attacks' to be absorbed: Finance minister

Sun, 11 Feb 2024 - 04:39 GMT

In February, Osama Rabie, the Chairman of Suez Canal Authority, revealed that revenues for January 2024 had decreased by 46 percent, amounting to $428 million compared to $804 million in January 2023

Egypt's total budget deficit increases by 5.8% in FY23/24: Finance Minister

Thu, 08 Feb 2024 - 03:24 GMT

Maait highlighted that the primary surplus during the same period in FY2023/2024 amounted to LE 190 billion, a rise from LE 33 billion recorded a year ago

Expat tax-free car import initiative extended additional 3 months

Tue, 30 Jan 2024 - 01:35 GMT

The Ministry of Finance has extended the tax-free car import initiative for an additional three months, explained Finance Minister Mohamed Maait, adding that the initiative is expected to bring in around $2 billion from the first and second phases

Maait affirms commitment to boosting int’l relations to improve customs efficiency

Tue, 30 Jan 2024 - 01:13 GMT

Egypt consulted with the business community and investors prior to recently updated customs legislation to streamline and modernize procedures, aiming to facilitate both domestic and international trade, wrote an official statement from the ministry

Egypt to potentially issue Emirati, Indian, and Chinese currency-denominated bonds: Maait

Mon, 29 Jan 2024 - 03:04 GMT

The bonds – which would be issued in Emirati dirhams, Indian rupees, and Hong Kong dollars – are within the government’s efforts to diversify its financial strategy by entering new markets and developing various financial tools

Egypt keen on advancing bilateral relations with Asia: Finance Minister

Wed, 24 Jan 2024 - 03:31 GMT

Maait highlighted the government's willingness to explore the Asian financial market as a means to diversify funding sources and capitalize on available opportunities, ultimately reducing financing costs

Egypt provides EGP 2.2B to supports private funds, accounts workers

Sun, 21 Jan 2024 - 05:48 GMT

This support will reach approximately LE 3 billion by the end of FY 2023/2024, compared to EGP 723 million in FY 2017/2018, with a growth rate of 315 percent, Maait added

Egypt achieves EGP 150B surplus H1 of FY23/24: Ministry of Finance

Thu, 18 Jan 2024 - 02:07 GMT

He emphasized that the general budget had experienced a total deficit of 4.95 percent of the gross domestic product between July and December 2023, representing the first half of FY23/24

Egypt’s IPO program reaches $3.5B subscription volume: Finance Minister

Mon, 15 Jan 2024 - 12:08 GMT

During his statement, Minister Maait emphasized the importance of bolstering multilateral cooperation to address the financing challenges faced by emerging economies due to geopolitical tensions worldwide

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