Egypt’s economy stablising – FinMin
Egypt’s Minister of Finance, Ahmed Kouchouk announced on Monday that the country’s economic situation is stabilising, citing ongoing efforts to attract private investment.
Kouchouk highlighted positive financial performance for the fiscal year ending in June 2024, including a reduced budget deficit to reach 3.6 per cent and a primary surplus of 6.1 per cent. These improvements were driven in part by net inflows from the Ras El Hekma project.
In his first meeting with British Ambassador Gareth Bailey, Kouchouk outlined the government’s comprehensive strategy to enhance Egypt’s economic competitiveness, boost exports, and encourage investment. The minister emphasised the government’s commitment to improving financial risk management and mitigating the negative impacts of economic uncertainties.
By fostering a more conducive financial environment, the government aims to increase private sector participation and leverage Egypt’s infrastructure and investment incentives to stimulate local production and manufacturing.
Attribution: The Egyptian Cabinet
Subediting: Y.Yasser
