Egypt reinforces fiscal discipline, debt strategy

Egypt is reinforcing its commitment to fiscal discipline and revenue growth as part of its economic reform programme. In a recent meeting of the economic ministerial group, the positive outcomes in these areas were highlighted, demonstrating progress in executing a strong debt management strategy.

Key developments discussed included the State Ownership Policy Document, which outlines the state’s planned exit from various economic sectors under the government offerings programme, thereby enhancing private sector participation.

Additionally, the meeting reviewed the repayment plan for foreign partners’ dues in the petroleum sector, reiterating Egypt’s commitment to honouring these obligations according to the established plan.

The economic ministerial group also discussed ongoing cooperation with the European Union regarding the first phase of the macroeconomic support mechanism and budget deficit support. Under this initiative, the EU is providing €1 billion in concessional financing to support the implementation of structural reforms encouraging the private sector in Egypt.

These discussions underscore the government’s ongoing efforts to foster a stable and competitive economic environment.

Attribution: EgyptianCabinet

Subediting: M. S. Salama