Ministry of Finance
Kouchouk outlined key reforms, including the reinstatement of sample audits for all taxpayers and the pilot launch of the Centralized Electronic Clearing System
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.
Kouchouk emphasized that Egypt’s immediate goal is to reduce the country’s debt-to-GDP ratio to 85 percent by the end of the current fiscal year during an economic conference on Monday
In a speech at the Scientific Association for Tax Legislation Conference, Minister Ahmed Kouchouk highlighted three main priorities aimed at boosting economic activity, encouraging private sector participation, and enhancing Egypt’s economic competitiveness
The issuance includes three tranches: the first, valued at LE 5 billion, has a two-year term, and the second is worth LE 12 billion with a three-year term.
These bills, with a maturity of 364 days, are scheduled to mature on December 2, 2025, according to the bank’s website.
This development underscores Egypt's commitment to diversifying its financing sources and tapping into innovative financial instruments to address its budget deficit.
According to the finance minister, both countries are eager to leverage their long-standing historical ties to address global economic challenges and advance their shared goals of sustainable development.
Spending on wages and employee compensation saw a notable increase of 22.4 percent, amounting to LE 197.1 billion over four months, up from LE 160.9 billion.Expenditures on goods and services surged by 50.3 percent, reaching LE 56 billion compared to LE 37.2 billion.
The deficit now stands at LE 453.2 billion, representing 2.6 percent of GDP, compared to LE 550.2 billion, or 3.9 percent of GDP, during the same period last year.
This marks the highest growth in tax revenues in the past two decades, adding an impressive LE 155.2 billion to the national coffers.
According to decree No. 503 of 2024, Sherif Mohamed Fathy El-Kilany, Deputy Minister of Finance, has been appointed to oversee the Egyptian Customs Authority and will take on the role of Acting Chief Executive Officer.
The T-bills were offered in two installments, with the first valued at LE 45 billion with a 91-day term.
The T-bills were offered in two installments, with the first valued at LE 45 billion with a 91-day term.
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 conference focused on Egypt’s plans to create a robust retail bond market, a step that aligns with the Ministry’s broader mission to develop the financial sector, broaden the investor base, and stimulate economic growth
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.
