Mohamed Maait

Egypt to facilitate VAT exemptions for imported production equipment

Thu, 18 May 2023 - 03:40 GMT

Companies can now submit a pledge, either personally or through a legal representative, with a certified signature from banks

Fitch’s downgrade comes amid complex global challenges, external pressures on Egypt’s economy: Minister

Sat, 06 May 2023 - 05:28 GMT

Egypt’s Minister of Finance Mohamed Maait said Fitch’s decision to downgrade Egypt to B from B+ comes amid the complex global challenges of the Ukraine war, global inflation wave, and rise in interests.

President Sisi orders increasing social protection budget to LE 529.7B

Sun, 23 Apr 2023 - 04:06 GMT

Egypt’s President Abdel Fattah El Sisi ordered on Sunday increasing the social protection budget from LE 358.4 to LE 529.7 billion, marking a 48.8-percent increase to ease burdens resulting from the current global inflation, Finance Minister Mohamed Maait said

Egypt allocates LE 28.1B in new budget to support exporting companies: Min.

Tue, 11 Apr 2023 - 07:00 GMT

Maait affirmed, during his meeting with the South Korean ambassador in Cairo today, Egypt's aspiration to increase the investments of Korean companies, in a way that contributes to maximizing Egyptian production and export capabilities, and strengthening the partnership between the two countries.

Egypt to allocate roughly LE 150 billion per year to raise state employees’ wages, pensions: Minister

Sat, 04 Mar 2023 - 01:43 GMT

Maait highlighted the state’s efforts to start paying higher wages and pensions to beneficiaries starting April.

Egypt has political will to stimulate investments: Finance Minister

Mon, 30 Jan 2023 - 06:01 GMT

Egypt is carrying out different development projects that provide distinguished investment opportunities in promising sectors, Maait added.

AFDB could have key role in offering Africa's priorities to int'l community, says min.

Wed, 16 Nov 2022 - 08:13 GMT

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.

Egypt plans to lower budget deficit to 4%, descend debt to 72% in 5 years: Maait

Mon, 24 Oct 2022 - 09:56 GMT

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.

Finance minister to take part in IMF/WB Group annual meetings

Tue, 11 Oct 2022 - 10:56 GMT

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.

COP27 host Egypt to expand initiative of replacing old vehicles with others running on natural gas

Sat, 08 Oct 2022 - 03:42 GMT

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.

Gov't exit from some economic activities aims to empower private sector: Min.

Mon, 29 Aug 2022 - 05:25 GMT

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.

Sisi calls for achieving financial discipline in State budget

Tue, 26 Apr 2022 - 11:09 GMT

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.

Finance min.: Egypt only country in Middle East, Africa to retain global assessment institutions’ ratings

Fri, 22 Apr 2022 - 01:34 GMT

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.

Egypt managed to overcome fallout of current global economic crisis: Min.

Fri, 08 Apr 2022 - 01:29 GMT

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.

Investments financed by public treasury hit LE82B within 6 months

Wed, 19 Jan 2022 - 01:00 GMT

Maait said In a statement issued, Wednesday, that the needs of supporting food commodities were funded by about LE 26.9 billion.

Tax evasion campaigns continue, says Maait

Thu, 30 Dec 2021 - 06:11 GMT

He expounded that magnifying revenues would reduce the budget deficit, public debt and inflation rates.

Egypt aims to increase tax revenues by 2% of GDP in 4 years

Wed, 24 Nov 2021 - 06:19 GMT

Maait clarified that this is the result of the careful implementation of harmonious and balanced financial and economic policies.

Maait: Over LE 24B allocated to health sector to face Covid-19

Wed, 13 Oct 2021 - 07:11 GMT

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.

Egypt prepares to issue its first sovereign sukuk in H2 of 2021-2022

Tue, 24 Aug 2021 - 12:47 GMT

He pointed out that the timing, size and type of offering will be determined later.

LE16.4B disbursed in 2 phases of "immediate payment to exporters" initiative: FinMin.

Sun, 11 Jul 2021 - 01:21 GMT

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.