Egypt’s Prime Minister, Mostafa Madbouly, confirmed that the government has no intention of raising taxes. On the contrary, a new set of tax incentives has been introduced to stimulate investment within the country.

In a recent meeting with the heads of specialized committees in parliament, Madbouly emphasized the government’s commitment to continuing economic reform efforts, acknowledging that it is challenging. He stressed that these reforms would be accompanied by social protection measures to support eligible citizens. These initiatives come amid regional and global uncertainties contributing to an unpredictable global economic landscape.

Madbouly also highlighted the recent visit of Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), to Egypt. He noted her acknowledgment of the unprecedented difficulties faced worldwide and the challenges governments, particularly in the Middle East, are navigating.

Georgieva praised Egypt’s collaborative measures with the Central Bank of Egypt, which have contributed to stabilizing the exchange rate and prompted a downward trend in inflation. She also emphasized the importance of persisting with these reform measures in the face of persistent global uncertainties.

Addressing the issue of electricity load management, Madbouly pointed out the steps taken by the government to mitigate this challenge, especially given the increased demand driven by numerous development projects. He noted that electricity consumption rose by 12% during this summer compared to the previous year. The Prime Minister outlined the coordinated efforts with the Central Bank to address these rising consumption levels.

He reiterated the government’s dedication to advancing the economic reform agenda while ensuring that no additional burdens are placed on citizens. The focus remains on enhancing the quality of services that the population relies on.

Madbouly further stated that a comprehensive mandate has been granted to the ministerial group responsible for industrial development. This group has the authority to make decisions that support the sector and boost production capabilities, reinforcing the government’s drive for economic progress.