Egypt’s Minister of Finance Ahmed Kuchouk stressed that the country is implementing a comprehensive program to improve economic performance while deftly managing complex geopolitical influences. He expressed optimism that the International Monetary Fund’s (IMF) Executive Board will approve Egypt’s economic reform program at its third review scheduled for July 29. Kuchouk also highlighted the goal of securing funding from the Resilience Sustainability Trust.
Kutchuk, who met with IMF Managing Director Kristalina Georgieva on the sidelines of the G20 meetings in Brazil, stressed that Egypt aims to maintain fiscal discipline and reduce the budgetary debt-to-GDP ratio. The government is also seeking to create fiscal space to increase investments in education, health and social security. In addition, efforts are being made to reduce inflation, ensure price stability, improve living standards and support the competitiveness of businesses.
Kuchouk stressed that the government’s immediate focus is on promoting private investment, boosting production and export-oriented activities, and improving the business environment in order to strengthen Egypt’s competitiveness and attract foreign direct investment. At the same time, the government is streamlining tax and customs procedures to rebuild confidence in the business community and tax authorities, ultimately providing better services to taxpayers.
The Minister reaffirmed the government’s commitment to advance structural reforms and encourage private investment in renewable energy, technology, desalination and infrastructure sectors, and noted that efforts are also being made to align economic policies by setting caps on total public investment, government guarantees and the general government debt-to-GDP ratio.
