Minister of Finance

Egypt’s annual revenues achieve annual growth of about 59.3% in FY2023/2024

Wed, 17 Jul 2024 - 03:00 GMT

Egypt's general budget achieved a primary surplus of LE 857 billion during FY2023/2024, compared to about LE 164 billion in FY2022/2023, Kouchouk added.

Egypt's Instant Cash Payment Initiative supports exporting companies with LE 3B

Thu, 27 Jun 2024 - 12:57 GMT

Since October 2019, the government has provided approximately LE 62 billion in support to exporting companies.

Value of Egypt’s electronic payments, collections services reaches LE 2.5tn in 11 months

Sun, 23 Jun 2024 - 12:24 GMT

In terms of customs electronic receipts, there was a growth of 38 percent, totaling LE 284.3 billion from July 2023 to May 2024, in contrast to about LE 205.8 billion during the same period in the last fiscal year.

Egypt reduces total deficit to 3.6% in period from July to May 2024

Tue, 11 Jun 2024 - 01:27 GMT

This represents an increase compared to the previous fiscal year, where the surplus was only LE 116 billion, accounting for 1.15 percent of the GDP.

Egypt seeks soft loan worth $1B from NDB by end of 2024: Finance Minister

Tue, 11 Jun 2024 - 11:17 GMT

Maait expressed optimism about acquiring the loan either by the end of 2024 or at the beginning of 2025.

Egypt finances acquisition of local wheat by LE 44B

Mon, 10 Jun 2024 - 04:11 GMT

Maait addressed one of the key priorities outlined in the new budget, which sets aside LE 40.5 billion to support productive activities and enhance export capabilities.

Egypt set to disburse LE 5B to 360 exporting companies: Finance Minister

Wed, 05 Jun 2024 - 03:13 GMT

Minister Maait reaffirmed that the government's support for exporting companies over the past four years amounts to approximately LE 55 billion.

Egypt to expand fiscal capacity by boosting private investments: Finance Minister

Thu, 23 May 2024 - 02:08 GMT

It is emphasized that this new economic trajectory will effectively align fiscal and monetary policies.

Egypt finances health sector by LE 115B to support health insurance

Wed, 22 May 2024 - 01:44 GMT

Maait also stated that Egypt has succeeded in providing LE 115 billion to support the health sector.

Egypt to allocate LE 8 billion to exporters starting from June 2024

Tue, 21 May 2024 - 01:21 GMT

The beneficiaries of this program are required to have completed their paperwork for shipments by June 30, 2023.

Suez Canal revenues to decline by 60% amid regional tensions

Mon, 20 May 2024 - 04:32 GMT

In a statement, Maait highlighted the impact of global and regional crises on Egypt's economy, particularly through soaring inflation.

Egypt works on injecting more private investment flows into economic arteries: Maait

Sun, 12 May 2024 - 05:19 GMT

Maait said that the goal of the reforms is to inject more private investment flows into Egypt's economy and achieve more sustainable economic growth, led by the private sector in the upcoming period.

Egypt's general treasury supports funds’ workers by LE 3B

Thu, 02 May 2024 - 12:39 GMT

In the last quarter of the current fiscal year, LE 715.7 million has been allocated to pay the entitlements of employees within the funds and accounts, accounting for the recent increase, as stated by the Minister of Finance.

Egypt's Administrative Capital Set to Welcome Arab Finance Ministers Meetings in May 2024

Thu, 18 Apr 2024 - 11:01 GMT

This came during a meeting with Fahd Al Turki, Director General and Chairman of the Board of Directors of the Arab Monetary Fund (AMF) on the sidelines of World Bank and IMF spring meetings.

Egypt sets deadline for tax-free car import initiative in April 29: Finance Minister

Thu, 04 Apr 2024 - 11:12 GMT

Minister Maait emphasized that the initiative has resulted in a significant influx of remittances from Egyptians abroad, amounting to $750 million.

El-Sisi approves amendments to Unified Budget Act, paving way for enhanced financial management

Wed, 03 Apr 2024 - 12:26 GMT

This consolidation involves merging the budgets of all 59 economic entities within the state budget Itself, as approved by Members of Parliament in the previous month.

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 targets 3.5% surplus in draft budget during FY 2024/2025: Finance Minister

Wed, 27 Mar 2024 - 12:07 GMT

Maait further explained that the state budget aims to achieve an initial surplus of 3.5 percent and gradually reduce the overall deficit to 6 percent of the GDP in the medium term.

Egypt's new budget to boost exports by LE 23B: Finance Minister

Tue, 19 Mar 2024 - 03:28 GMT

In terms of support, Egypt has earmarked LE 596 billion, including over LE 134 billion for food supplies and more than LE 147 billion to support petroleum products.

European Union close to provide Egypt with $5 to $6B: Finance Minister

Mon, 11 Mar 2024 - 11:46 GMT

In another interview with the same publication, Maait confirmed that Egypt is set to receive an additional $3 billion from the World Bank in the coming period.