Egypt’s economic performance to beat June targets – minister
Egypt’s economic and financial performance is showing positive developments, with expectations to surpass targets by next June, as announced by Finance Minister Mohamed Maait on Tuesday.
This improvement is largely due to the Ras El Hekma development project, which is expected to add approximately $12 billion to the state’s treasury, accounting for 50 per cent of its revenues.
These contributions are predicted to lead to an initial surplus of about 5.75 per cent of GDP and decrease the total deficit to around 3.95 per cent of GDP. The Ministry’s successful tax policy reform programme is reflected in its efforts to maintain the debt rate at 89 per cent of GDP and boost tax revenues by over 23 per cent, Maait said during his meeting with Claire Woodman, CEO of Morgan Stanley’s operations in the Europe, Middle East, and Africa region, on the sidelines of the World Economic Forum held in Riyadh, Kingdom of Saudi Arabia.
Maait highlighted the importance of structural reforms for Egypt’s economic growth and stability, acknowledging the country’s financial and political challenges due to
He emphasised the potential of Ras Al-Hekma development project to attract investments and stimulate economic activities, particularly in agriculture and industry.
The minister also noted the government’s efforts to empower the private sector and stimulate exports, positioning Egypt as an attractive investment destination.
He further expressed eagerness to leverage Morgan Stanley’s expertise in hedging and non-traditional financing to further enhance Egypt’s economic stability and growth.
