Egypt’s FinMin outlines 3 priorities for fiscal policy
Egypt’s Finance Minister, Ahmed Kouchouk outlined on Tuesday three key priorities for the country’s fiscal policy.
- Economic Stability: The government aims to strengthen economic stability for both citizens and investors.
- Business Partnerships: The government seeks to foster a collaborative relationship with the business community, focusing on partnership, support, and certainty.
- Tax Reforms: The government plans to implement a comprehensive package of tax incentives to create a more attractive business environment.
Speaking in an event organised by the American Chamber of Commerce in Egypt (AmCham Egypt), Kouchouk emphasised a new chapter in the relationship between the tax authority and the business community, focusing on “partnership, support, and certainty.” He also highlighted the need for a more targeted fiscal policy to support productive sectors and enhance competitiveness.
He announced that a comprehensive package of tax incentives would be unveiled in the coming hours, paving the way for a genuine partnership with the business community.
The government aims to reduce the debt-to-GDP ratio and diversify funding sources. They are exploring innovative measures such as sukuk and green bonds and plan to convert some debts into investments.
In addition, the government is committed to providing adequate funding for key initiatives like automotive manufacturing and tourism development. They are also working to localise information technology industries and create a more supportive environment for businesses.
Kojok expressed the government’s openness to studying incentive programmes with clear and measurable results. He highlighted the progress made in infrastructure development and the potential for significant economic growth.
Attribution: The Egyptian Cabinet
