Kouchouk said during a meeting at the American Chamber of
Commerce on the sidelines of the International Monetary Fund and World Bank
Annual Meetings in Washington that Egypt continues to build trust and
partnership with the business community. He explained that the government is
addressing tax challenges through practical, flexible, and effective solutions.
He emphasized that Egypt is committed to driving growth with a more inclusive
and sustainable vision, within a sound economic framework led by the private
sector and focused on manufacturing and exports.
He stated that Egypt looks forward to increasing the
participation and investment of American companies in the Egyptian economy. He
said this comes amid improving economic indicators and growing investor
confidence.
Kouchouk pointed out that preliminary results for the first
quarter of the current fiscal year show a balanced and stable financial and
economic performance. He explained that the primary surplus exceeded EGP 170
billion, government debt is declining, and tax revenues are rising
significantly due to strong economic activity, an expanded tax base, and
effective interaction with taxpayers.
The minister confirmed that Egypt’s economic reform program
is progressing positively. He said this positive progress is reflected in the
outlook of markets, investors, and international credit rating agencies. He
added that Egypt has presented to the International Monetary Fund the details
of the implemented reforms and the strong results achieved during the past
fiscal year.
He stated that the government privatization program, known
as the Initial Public Offering (IPO) program, will for the first time open new
channels for private sector and investor participation. The program will cover
sectors such as airports, insurance, and telecommunications. He said that
financial and non-financial incentives are being studied to encourage companies
to list on the Egyptian Exchange and increase trading activity. He noted that
the Egyptian market has the potential to attract hundreds of new private
companies offering strong returns on investment.