Egypt reduces budgetary debt to 89% of GDP – FinMin

Egypt reduced the debt of budgetary entity to 89 per cent of GDP, while external debt declined by around $3 billion in 2023/24, Minister of Finance, Ahmed Kouchouk told members of Rotary Club, Nasr City, Shorouk, and 10th of Ramadan.

Kouchouk highlighted the government’s commitment to financial discipline through investment- and entrepreneurship-friendly policies to drive economic development. He explained that Egypt is implementing an ambitious strategy to improve debt indicators, contributing to a positive perception of economic reform among citizens.

The minister emphasised the role of private sector-led development in optimising resource management and strengthening financial indicators. He noted that the government is implementing stimulus programmes and initiatives to boost economic activity, enhance competitiveness, and support production and exports.

Kouchouk also stressed the importance of strong partnerships with the business community, based on trust, certainty, partnership, and commitment to rights and obligations. He added that expanding the tax base by incorporating new taxpayers would improve the government’s ability to fund essential public services.

Additionally, he reaffirmed the commitment to swiftly implementing the first phase of tax relief measures once the relevant incentive and facilitation laws are enacted.

The reforms will introduce a comprehensive and simplified tax system for small businesses, entrepreneurial activities, and professionals, with incentives, exemptions, and facilitations across all types of taxes, including income, VAT, stamp duty, and development fees. The framework also includes streamlined mechanisms for resolving tax disputes to create a stable and investment-friendly business environment.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

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