CAIRO – 11 December 2024: In his opening remarks at the annual Hapi conference, Egypt's Finance Minister, Ahmed Kouchouk, emphasized the government's commitment to reducing both domestic and foreign debt through an integrated and consistent strategy by the first quarter of 2025. This goal will be central to Egypt's ongoing financial reforms and economic stability efforts.
Kouchouk outlined the broader context of Egypt's financial and tax policies, which are increasingly focused on stimulating investment, supporting private sector growth, and fostering a partnership between the government and business community. He noted that the first phase of tax facilitation measures would be fully implemented during the current fiscal year, with independent entities contracted to assess the proper application of tax reforms.
The Finance Minister also highlighted the trial launch of the central electronic clearing system, which aims to improve liquidity for investors. Additionally, a simplified tax system will be available for businesses, professionals, and entrepreneurs with annual revenues up to 15 million EGP.
On the fiscal front, Kouchouk pointed to Egypt’s more open, balanced, and impactful financial policies designed to boost economic activity and create a favorable environment for the business community. He revealed that the government is working on ambitious initiatives, including efforts to promote industrial activities in coordination with the Ministry of Industry, and incentives to help businesses and citizens transition to more energy-efficient, cost-effective alternatives.
In collaboration with the Minister of Investment and Trade, Kouchouk also noted that a strong, comprehensive program would be prepared for the export sector in the upcoming fiscal year. Despite global and regional economic challenges, the Minister reported positive preliminary financial indicators, reflecting the government's efforts to maintain fiscal discipline and economic stability.
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