Egypt is scheduled to join the BRICS bloc of developing nations along with five other countries starting January 2024.
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
Egypt seeks to pave the way for greater private and local sectors involvement in the eco-friendly investments, added the minister.
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.
Egypt’s Prime Minister Mustafa Madbouli met Wednesday with Terje Pilskog, CEO of Scatec company, where they discussed the first issuance of green bonds to finance Benban Solar Park.
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 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.
Maait stated in a statement that the government indebtedness decreased from 108 percent of GDP in June 2017 to 87.5 percent in June 2020.
Speaking during the 2021 World Bank Group/IMF Spring Meetings held via video conference, Maait said Egypt is going ahead with the anti-coronavirus measures via meeting the requirements of the health sector, as well as backing the economic sectors and the most affected social strata.
Finance Minister Mohamed Maeit said the State's general budget repaid EGP 288 billion to the National Organization For Social Insurance (NOSI) in 21 months upon directives of President Abdel Fattah El Sisi to settle the financial entanglement with the organization.
As for the new taxes law, he noted that the new law is meant to realize justice, expounding that the number of people exempted from taxes rose to 60 percent.
The decision shall then be ratified by the finance minister, he added.
This should be achieved in a way that helps maximize the production capacities, expand the export base, and improve the competitiveness of the Egyptian products at the international market, he added.
In statements on Wednesday, the minister said these facilities will enable citizens to receive services without any added expenses.
The Arab Republic of Egypt has adopted a green bond framework for the issuance of sovereign green instruments, signaling its commitment to its environmental and sustainable development objectives.
The unit shall be responsible for developing plans, outlining, and implementing the state's general budget on the basis of programs and performance.
The draft law “canceling the exemption decided on the returns of treasury bills, bonds and capital gains resulting from dealing on these bills and bonds from income tax” approved by the Parliament's Plan and Budget Committee, will not affect the exemptions established in the agreements concluded between the government and foreign countries
Maait thanked the companies who joined the experiment operation phase of the e-bill system.
The Ministry of Finance will auction treasury bills and bonds at a total value of EGP 181.5 billion during January.