Cairo – April 18, 2024: Over the past six years, Egypt achieved financial discipline and budget targets, as it succeeded in achieving a primary surplus averaging 1.3 percent of GDP, during a meeting with the Undersecretary of the US Treasury for International Affairs at the World Bank and IMF spring meetings, Egypt's Minister of Finance, Mohamed Maait, announced.
Furthermore, he pointed to Egypt’s target of achieving a primary surplus of 3.5 percent in the fiscal year 2024/2025.
Minister Maait further emphasized Egypt's strategy to ensure the sustainability of its economy by reducing deficit and debt levels relative to the gross domestic product.
As part of this strategy, the government aims to allocate 50 percent of the revenues generated from the Initial Public Offering (IPO) program towards reducing the debt of budgetary agencies.
The implementation of a comprehensive economic reform program, supported by the International Monetary Fund (IMF), has played a significant role in stabilizing Egypt's economic outlook and fostering growth, development, and job opportunities.
The minister highlighted the program's cohesive policies, which are specifically designed to strengthen the private sector.
He further emphasized in a previous statement Egypt's full support for the private sector, aiming for it to lead the country's economy and capture a significant market share of 65 to 70 percent.
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