Egyptian Finance Minister Ahmed Kouchouk recently expressed his country’s desire for international institutions to adopt a more flexible and comprehensive approach in assessing the financial and economic performance of emerging countries. Speaking at a seminar organized by the British-Egyptian Business Association (BEBA), chaired by Khaled Nousir, the Finance Minister stressed that Egypt is working to reduce the debt ratio, external debt and debt servicing, in order to create more financial space in the budget, which could be devoted to human development and social protection. Kouchouk highlighted Egypt’s work to build bridges of trust between the Egyptian Tax Authority and investors by laying the foundations for an efficient, fair and simple tax system. He also highlighted the launch of the first package of fiscal facilities, with the aim of providing better and simpler fiscal services to the business community in Egypt, while stimulating increased contributions of the private sector to growth, as part of the financial and economic reform process.
By setting a ceiling for public investments, guarantees and general government debt, Kouchouk affirmed that this contributes to establishing financial discipline and providing more space for the private sector in economic activity within public-private partnerships (PPPs). He stressed that expanding the concept of general government by merging 59 economic entities with budgetary entities contributes to creating an integrated budget, improving financial risk management and maintaining financial stability. This approach aims to enhance transparency and efficiency in public finance management.
In sum, Minister Kouchouk’s speech highlights Egypt’s efforts to promote sustainable economic growth, foster private investment and strengthen the confidence of economic actors. These measures aim to strengthen financial governance, ensure macroeconomic stability and promote social welfare in the country.