Finance Minister outlines Egypt’s key financial policy priorities during London visit

Cairo – September 22, 2024: During a recent visit to London, Finance Minister Ahmed Kouchok addressed over 200 investors from major financial institutions and investment banks across several meetings, presenting a comprehensive strategy aimed at stabilizing and transforming the nation's economy.

Kouchok emphasized the critical role of the private sector and export-driven growth in fostering a more sustainable and resilient economic framework, and outlined three key financial policy priorities intended to promote economic stability in the short term, underscoring their significance for the country's future development.

These include simplifying the tax system, enhancing partnerships with taxpayers, and reducing uncertainty surrounding administrative costs, according to an official statement from the Ministry of Finance.

He also announced the initiation of a trust-building process between tax authorities and both local and international investors, beginning with a series of tax incentives aimed at resolving disputes and expediting tax reviews.

During the meetings, the FinMin presented a vision for a simplified and integrated tax system set to stimulate startups, small businesses, freelancers, and professionals.

He reiterated the government’s commitment to providing appropriate funding to support the local manufacturing and export of vehicles, including electric cars, while also pushing for the localization of key industries, particularly in information technology.

Addressing concerns about national debt, Kouchok acknowledged that reducing debt-to-GDP ratios remains a significant challenge and goal.

He assured investors that the government is taking proactive measures to create a sustainable downward trajectory, with plans including introducing new financial instruments such as green bonds and sukuk to diversify funding sources and attract a broader range of investors.

According to the statement, the international investors expressed optimism regarding the Egyptian government’s ambitious economic vision, highlighting that trust, partnership, and assurance are crucial for attracting further investment.

Following Kouchok’s detailed presentations, investors felt they now have a balanced understanding of Egypt's economic landscape, striking a clear distinction between current realities and future targets set by the government.