Finance Minister Kouchouk highlights ministry’s 3 core priorities for the coming period

Cairo – September 11, 2024: Minister of Finance Ahmed Kouchouk unveiled a series of strategic priorities and initiatives during his first open dialogue with the business community at the American Chamber of Commerce (AmCham) in Cairo yesterday.

Kouchouk highlighted three core priorities for the upcoming period - enhancing economic stability, supporting the private sector, and reducing government debt.

He also stressed the government’s commitment to economic stability, private sector support, and innovative financial policies aimed at fostering growth and investment.

A new LE 50 billion tourism initiative was recently launched by the Finance Ministry to boost the construction of hotel rooms and attract more visitors, explained Kouchouk yesterday. The new initiative emphasizes the government's commitment to supporting key sectors, including manufacturing and tourism.

He also announced that a comprehensive and integrated package of tax facilitations will be revealed soon, set to improve the relationship between the Tax Authority and the business community, and is expected to improve the quality of tax services and expedite the resolution of tax-related issues.

“We are focused on diversifying financial tools available in the local market and creating opportunities for investment across various sectors,” he said.

The minister outlined plans to develop an ambitious strategy for reducing government debts through exploring new financial instruments such as sukuk and green bonds and converting some government debt into investments.

Stressing the importance of ongoing infrastructure development, Kouchouk noted that recent advancements have created significant opportunities for growth and development.

“We are open to evaluating incentive programs with clear, measurable outcomes. Our goal is to foster an environment that supports economic recovery and growth in the medium term,” Kouchouk said.

In coordination with the Ministry of Communications and Information Technology, the government is also working on support measures for local IT industries and exploring new energy initiatives to help citizens access more affordable and efficient energy sources.