During a panel discussion organized by Al Ahly Pharos Securities Brokerage, Kouchouk said the government is building a relationship of trust with investors, and that what we announced, we have implemented. He added that Egypt is committed to boosting the competitiveness of its economy.
The Minister pointed to encouraging indicators that
demonstrate the Egyptian economy's ability to attract more investment. He noted
that in the third quarter of the last fiscal year, the economy grew by 4.7%,
driven by an 80% increase in private investments during the first nine months
of that same year.
He highlighted significant growth in the industrial,
tourism, and information and communication technology sectors, with exports
rising by about 30%. He also noted that the country achieved its highest
primary surplus of 3.6% of GDP in the last fiscal year, despite a decline in
Suez Canal and energy revenues.
The Minister said tax revenues increased by over 35% without
imposing any new taxes. Instead, he said the government has facilitated and
incentivized voluntary compliance. He explained that the positive response to
the first package of tax facilities encourages the government to continue on
the path of tax certainty and trust.
A second package of tax facilities will be launched soon to solidify
the partnership with the business community, he said. The government is also
working to create a more efficient system for speeding up value-added tax refunds.
Kouchouk said a promising start to the new fiscal year
encourages the continuation of the country's ambitious economic path. He stated
that the government believes the faster the economy moves, the better and more
sustainable the financial results will be.
He reaffirmed the government's commitment to balanced
financial policies that support economic growth while maintaining stability. He
said officials would pursue further reforms to create new financing, savings,
and investment tools to expand economic activity.
Minister Kouchouk added that the government has a financing vision for the current fiscal year as part of a strategy to reduce debt and extend its maturity. He also said Egypt is cooperating with the Ministry of Planning and International Cooperation to increase developmental funding from international partners and plans to issue local sukuk (Islamic bonds) during the first half of the current fiscal year.