Ministry of Finance
The recognition highlights Kouchouk’s “visionary economic stewardship” and his role in implementing bold fiscal reforms that have driven financial stability and inclusive growth in Egypt.
Minister of Finance Ahmed Kouchouk announced that the country’s economy has shown significant improvement, with financial performance indicators for the first eight months of the fiscal year 2024/2025 described as “very good.”
The event, themed "Freelance Work: 9-5 is No Longer the Only Option," brought together a diverse group of freelancers active in both local and global online job markets.
This growth was driven by a broad increase in all tax categories, fueled by the recovery of economic activity
The Egyptian government plans to introduce new initiatives aimed at exchanging debt for investments in sustainable development and green transformation, as announced in a statement from the Ministry of Finance today.
This initiative is designed to accelerate investment in key infrastructure sectors and enhance private sector participation in national development efforts.
While a timeline was not provided, the initiatives are part of a larger strategy to foster the transition to greener, more cost-effective transportation solutions and support sustainable economic growth
To promote compliance with the recently approved tax incentive and relief laws, he urged businesses that have yet to register in the tax system to do so within the designated timeframe, assuring them there would be no penalties for past tax periods.
Kouchouk highlighted that the discussions — which have not yet been disclosed — include swapping debt for investments in clean energy and human development.
The FinMin also outlined that the Ministry of Finance is rolling out 20 new measures designed to improve the tax environment for businesses of all sizes, stressing that these measures are part of a realistic and solution-driven approach
The deficit now stands at 560.6 billion LE, representing 3.2 percent of the GDP, down from 652.7 billion LE, or 4.6 percent of GDP, during the same period in the previous fiscal year
Kouchouk outlined key reforms, including the reinstatement of sample audits for all taxpayers and the pilot launch of the Centralized Electronic Clearing System
Kouchouk outlined the broader context of Egypt's financial and tax policies, which are increasingly focused on stimulating investment, supporting private sector growth, and fostering a partnership between the government and business community.
Kouchouk emphasized that Egypt’s immediate goal is to reduce the country’s debt-to-GDP ratio to 85 percent by the end of the current fiscal year during an economic conference on Monday
In a speech at the Scientific Association for Tax Legislation Conference, Minister Ahmed Kouchouk highlighted three main priorities aimed at boosting economic activity, encouraging private sector participation, and enhancing Egypt’s economic competitiveness
The issuance includes three tranches: the first, valued at LE 5 billion, has a two-year term, and the second is worth LE 12 billion with a three-year term.
These bills, with a maturity of 364 days, are scheduled to mature on December 2, 2025, according to the bank’s website.
This development underscores Egypt's commitment to diversifying its financing sources and tapping into innovative financial instruments to address its budget deficit.
According to the finance minister, both countries are eager to leverage their long-standing historical ties to address global economic challenges and advance their shared goals of sustainable development.
Spending on wages and employee compensation saw a notable increase of 22.4 percent, amounting to LE 197.1 billion over four months, up from LE 160.9 billion.Expenditures on goods and services surged by 50.3 percent, reaching LE 56 billion compared to LE 37.2 billion.
