Ahmed Kouchouk
The minister called on countries, financial institutions, and the private sector to join the alliance, aiming to promote sustainable development and build economic resilience
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.
Kouchouk added that these aim to stimulate growth among small businesses, simplify tax processes, and resolve existing tax disputes
The Ministries of Finance and Tourism have jointly announced that priority will be given to the governorates of Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai.
Al Mashat presented the country’s recent economic and structural reforms, emphasizing the government's efforts to strengthen macroeconomic stability, enhance the business environment, and build a competitive, investment-friendly economy.
The minister highlighted that this is part of a broader strategy to diversify financing sources and attract both investors and savers to the local debt market.
Investments through public-private partnership (PPP) contracts reached LE 19.8 billion in the previous fiscal year, explained Kouchouk
During the meetings, Kouchouk emphasized the potential of the BRICS group to significantly reshape the global economic landscape in favor of emerging and developing countries.
Kouchouk highlighted the launch of Egypt’s first set of tax relief measures, featuring over 20 reforms designed to build trust with taxpayers and streamline tax services.
The finance minister highlighted the collaborative efforts that have made the AIIB the fastest-growing bank in the region, emphasizing its role in supporting Egypt’s development trajectory through promising projects over the past few years.
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
While Kouchouk's meetings were not open to the press, sources told Bloomberg that he informed foreign investors about the plan to sell approximately $3 billion in external debt across various tranches
The minister noted that upcoming financial policies are expected to significantly influence risk management and economic competitiveness
The new framework will simplify the tax filing process, allowing businesses to submit or amend tax returns for the years 2021 to 2023 without incurring penalties.
Kouchouk highlighted three core priorities for the upcoming period - enhancing economic stability, supporting the private sector, and reducing government debt
This marks an increase from LE 119 billion, EGP 127.7 billion, and LE 31 billion, respectively, in the fiscal year 2023/2024.
The meeting also addressed the government’s strategies for maintaining fiscal discipline and ensuring that the debt-to-GDP ratio continues to decline
Kouchouk also highlighted a reduction in the budget deficit to 3.6 percent.
This phase saw 1,590 companies benefitting, receiving a total export support of about LE 13 billion from June to August 2024.
Non-tax revenues soared by 190 percent due to diversified state resource streams, notably the Treasury's acquisition of 50 percent of the Ras El-Hekma deal.
