Kouchouk told more than 60 investors at the invitation of Morgan Stanley on the sidelines of the International Monetary Fund and World Bank meetings in Washington that financial and economic performance indicators over the past nine months have been very good and reassuring, encouraging to continue the path of growth-supporting reforms.
He added that for the first time, the government is
setting targets and indicators for financial and economic performance over the
medium term as part of the budget document. He pointed out that the
government aim to maintain a primary surplus, reduce the overall budget
deficit, and reduce the burdens, service, and ratios of debt to gross domestic
product.
He stressed that the government is committed to the
“general government” debt ceilings, public investments, and guarantees, to
create sufficient financial spaces for economic, social, and human development.
Kouchouk also noted that the state provides good
opportunities for the private sector, enhancing the competitiveness of the
Egyptian economy through targeted initiatives within a specific timeframe. EGP
78 billion has been allocated in the new budget to support tourism, production,
industrial, and export activities.
He explained that they are adopting a new approach to streamlining the tax system with a great deal of trust, partnership, and support from investors, emphasizing that they are working diligently to expand the tax base and create a sense of trust and certainty.