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.
Maait added that the real estate tax is one of the oldest types of taxes in the legislative system, noting that it is a tax imposed when real estate is disposed of by sale, and the burden of which is borne by the seller, not the buyer.
The port and center, to be built over 250 feddans, are meant to maximize the contribution of the private sector to development projects, Maait said in a statement Monday.
We are moving ahead with our reform and development march through achieving a balance and flexibility among the adopted financial and economic policies, Maait said in a statement Thursday.
Maait said the aim of issuing Sukuks is to finance the state general budget, as well as investment and development projects included in the budget.
It is part and parcel of a national project to build a comprehensive digital administrative system, the minister said.
Maait called on the customs officials to continue their duties and facilitate the procedures in a way that beefs up investments.
These indicators come in the ministry’s plan to gradually improve the economic indicators in the economic indicators.
Egypt will receive the last tranche of its $5.2 billion loan from the International Monetary Fund (IMF) before the end of June, Minister of Finance Mohamed Maait suggested in remarks to Egypt Today.
Maait noted that the state recorded an initial surplus of LE 48 billion during July-April period despite the negative repercussions of the Corona crisis on economic activity, referring to the provision of additional financing of LE 31 billion for the implementation of projects.
The Egyptian Minister of Finance Mohamed Maait, confirmed Tuesday, that the reduction of debt is greatly reflected on citizens in improving their daily lives, increasing investments, creating job opportunities and improving the services provided to them at the level of the Republic.
Minister of Finance clarified that this comes as a result of the expansion of development investments that reflect the success of the state, in achieving a balance between preserving the health of citizens and turning the wheel of the national economy.