Egypt's Finance Minister highlights robust economic performance, exceeding targets despite global headwinds.
In an effort to bolster investor confidence and promote economic growth, Egyptian Finance Minister Dr. Mohamed Maait has emphasized the country's commitment to fostering a conducive environment for both domestic and foreign investment. Speaking at a recent conference, Dr. Maait outlined the government's new economic trajectory, which focuses on structural reforms aimed at driving private sector-led growth, stability, and development.
Despite the challenges posed by global and regional economic crises, Egypt has made significant strides in improving its financial performance over the past nine months of the fiscal year 2023/2024. Exceeding budgetary estimates and targets, the country has witnessed notable progress, with non-tax revenues increasing by 122.9% and tax revenues surpassing one trillion pounds, representing a growth rate of 41.2%.
Addressing concerns about the economic outlook, Dr. Maait highlighted Egypt's success in achieving better-than-targeted economic indicators, including a surplus of 3% of GDP valued at 416 billion pounds, reflecting a growth rate exceeding 8.5 times the initial projection. This achievement, he noted, was attained without imposing additional burdens on citizens or investors, thanks to ongoing efforts to expand tax bases and integrate the informal economy into the formal sector.
Looking ahead, the Finance Minister outlined key objectives, including reducing the debt service bill to 30% of total expenditures in the medium term and extending the average maturity of the budget's debt portfolio to 3.3 years by June 2024. These measures aim to alleviate financing needs for the general budget and pave the way for sustainable economic growth.
Nevin Mansour, Advisor to the Minister of Finance for Financial Policies and Head of the Investor Relations Unit, underscored the government's commitment to supporting efforts to enhance foreign direct investment inflows and attract a broader spectrum of investors to Egyptian financial instruments and the stock exchange. She emphasized the importance of transparent communication with stakeholders both domestically and internationally to provide accurate and up-to-date economic data reflecting Egypt's economic reality.
