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