Ministry of Finance

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 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.

Egypt ascends from developing to advancing implementation category in sustainable finance rating

Mon, 29 Apr 2024 - 04:07 GMT

The upgraded classification, facilitated by the International Finance Corporation (IFC)-led SBFN, is a testament to the Central Bank of Egypt's (CBE)

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 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

PM follows up on streamlining customs release of goods at Egyptian ports

Mon, 01 Apr 2024 - 01:06 GMT

During the meeting, the Prime Minister emphasized the urgent need to expedite customs procedures to release goods and merchandise at various Egyptian ports. This measure aims to boost the supply of essential commodities, manufacturing inputs, and medicines in the Egyptian market.

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

Finance Minister announces formation of Supreme Tax Council

Tue, 26 Mar 2024 - 11:08 GMT

The council, chaired by the Prime Minister, will include heads of the Federation of Egyptian Chambers of Commerce, Federation of Egyptian Industries, and Egyptian Federation of Investors Associations

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