CAIRO – 4 November 2024: Egypt recorded a substantial primary surplus of LE 90 billion in the first quarter of FY2024/2025, surpassing previous years' figures by more than four times, as shared by Finance Minister Ahmed Kouchouk in a recent meeting with 60 international investors.
The country’s budget entities also managed to reduce their external debt by about $4 billion in 2023, bringing the debt-to-GDP ratio down from 96 percent in June 2023 to 89.6 percent by June 2024.
Investors showed keen interest in the Ministry of Finance’s financing strategy for FY2024/2025, while Kouchouk pointed out that rising worker remittances, tourism, and foreign direct investments are fueling economic growth and improving the nation’s economic outlook.
In October, Kouchouk also announced Cabinet approval for new tax legislation aimed at fostering growth in small businesses.
The reforms simplify tax processes, resolve existing tax disputes, and specifically target enterprises with annual revenues under LE15 million.
Speaking at a weekly news conference, he emphasized the critical need for a streamlined tax framework to support small enterprises and startups, which are vital for job creation among youth and for broadening the economic base.
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