Mohamed Maait
Companies can now submit a pledge, either personally or through a legal representative, with a certified signature from banks
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.
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
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.
Maait highlighted the state’s efforts to start paying higher wages and pensions to beneficiaries starting April.
Egypt is carrying out different development projects that provide distinguished investment opportunities in promising sectors, Maait added.
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.
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