Mohamed Maait

Egypt works on injecting more private investment flows into economic arteries: Maait

Sun, 12 May 2024 - 05:19 GMT

Maait said that the goal of the reforms is to inject more private investment flows into Egypt's economy and achieve more sustainable economic growth, led by the private sector in the upcoming period.

Egypt's budget deficit decreases to 6% of GDP by June 2023

Thu, 09 May 2024 - 11:46 GMT

This surplus was utilized to partially cover interest payments on the public debt, resulting in a decrease in the country's overall deficit to 6 percent of the GDP by June 2023.

Egypt's general treasury supports funds’ workers by LE 3B

Thu, 02 May 2024 - 12:39 GMT

In the last quarter of the current fiscal year, LE 715.7 million has been allocated to pay the entitlements of employees within the funds and accounts, accounting for the recent increase, as stated by the Minister of Finance.

Egypt secures $230 million in budget support from Japan

Tue, 30 Apr 2024 - 09:49 GMT

Minister Maait revealed that the financing agreement with Japan follows the successful completion of the International Monetary Fund's efforts to increase the loan's value to Egypt.

Finance Minister reveals draft budget details

Tue, 23 Apr 2024 - 04:44 GMT

Maait explained that the new budget focuses on balancing between mitigating inflationary pressures experienced by citizens, meeting developmental needs, and maintaining financial discipline

Egypt to secure $20B 2nd tranche of Ras El Hekma project by end of May

Sun, 21 Apr 2024 - 04:37 GMT

By the end of June 2024, Egypt anticipates receiving $1 billion from the World Bank, €1.07 billion from the European Union, and an additional $820 million from the International Monetary Fund (IMF).

IMF to complete third review within three months, giving Egypt $820M

Sun, 21 Apr 2024 - 01:19 GMT

Egypt has already received $820 million as a result of completing the first and second reviews.

Egypt’s primary surplus hits 1.3% during past six years

Thu, 18 Apr 2024 - 03:44 GMT

Furthermore, he pointed to Egypt’s target of achieving a primary surplus of 3.5 percent in the fiscal year 2024/2025.

Egypt aims to reduce its debt rates to 80% by 2027

Thu, 18 Apr 2024 - 11:25 GMT

This strategy aims to extend the life of debt and minimize its burden and cost

Egypt's Administrative Capital Set to Welcome Arab Finance Ministers Meetings in May 2024

Thu, 18 Apr 2024 - 11:01 GMT

This came during a meeting with Fahd Al Turki, Director General and Chairman of the Board of Directors of the Arab Monetary Fund (AMF) on the sidelines of World Bank and IMF spring meetings.

Egypt's Finance Minister reviews Egypt's commitment to strengthening African healthcare

Wed, 17 Apr 2024 - 03:15 GMT

Minister Maait emphasized the importance of international financial institutions in providing sustainable funding to developing economies.

Egypt aims for private sector to constitute over 70% of its economy: Finance minister

Wed, 17 Apr 2024 - 12:44 GMT

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

Over $8B worth of imported goods released since March 2024

Mon, 15 Apr 2024 - 12:56 GMT

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 achieves primary surplus of 3% of the GDP: Finance Ministry

Mon, 15 Apr 2024 - 10:52 GMT

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

1400 export companies applied to the immediate cash payment initiative: Finance Minister

Mon, 08 Apr 2024 - 10:20 GMT

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

Egypt sets deadline for tax-free car import initiative in April 29: Finance Minister

Thu, 04 Apr 2024 - 11:12 GMT

Minister Maait emphasized that the initiative has resulted in a significant influx of remittances from Egyptians abroad, amounting to $750 million.

El-Sisi approves amendments to Unified Budget Act, paving way for enhanced financial management

Wed, 03 Apr 2024 - 12:26 GMT

This consolidation involves merging the budgets of all 59 economic entities within the state budget Itself, as approved by Members of Parliament in the previous month.

Tax revenues surge by over 38% since beginning of FY24/25: Finance Minister

Mon, 01 Apr 2024 - 12:05 GMT

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.

Egypt announces LE 120B soft financing for agricultural, industrial production

Sun, 31 Mar 2024 - 01:51 GMT

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.

IMF’s approval to raise loan to $8B will support reforms, includes access to sustainability fund: Maait

Sun, 31 Mar 2024 - 01:00 GMT

In a statement released on Saturday, the minister emphasized the significance of the IMF’s approval in support of Egypt’s economic reforms