CAIRO – 03 July 2024: Egypt's newly appointed Minister of Finance, Ahmed Kouchouk, outlined a comprehensive vision aimed at bolstering economic stability and fostering a resilient economic future in a statement following the swearing-in ceremony.
Kouchouk affirmed the government's commitment to stimulating private sector growth highlighting the ongoing structural reforms in Egypt's economy.
"The private sector is pivotal in driving comprehensive and sustainable development," he asserted, outlining initiatives designed to promote production, boost exports, and increase local industry participation, thereby enhancing the competitiveness of Egyptian products.
"In our pursuit of financial discipline, we aim to maintain a significant primary surplus equivalent to 3.5% of GDP this fiscal year," Kouchouk affirmed, outlining measures to achieve sustainable reductions in debt and deficit rates, capped by a target debt ceiling of 88.2% of GDP.
Minister Kouchouk prioritized human development as a cornerstone of public spending, particularly in the health and education sectors. He emphasized their crucial role in advancing overall development and supporting various sectors of the economy.
He pledged proactive measures to alleviate the financial burdens on Egyptians amidst the implementation of the state's new fiscal year budget, focusing on expanding social protection through targeted programs to mitigate the impact of inflation. Minister Kouchouk underscored the role of these policies in enhancing citizens' living standards and improving public services.
Addressing economic risks posed by global and regional crises, Kouchouk assured proactive management to mitigate external and internal shocks, safeguarding the Egyptian economy and its citizens.
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