Egypt’s Minister of Finance, Ahmed Kouchouk unveiled on Friday the government’s aim to create larger financial spaces to alleviate the suffering of citizens as much as possible, pledging to work on supporting the most vulnerable groups.
Kouchouk has pointed out that the objective is to rein in impacts of an inflationary wave, resulting from global and regional economic challenges, stressing the importance of “developing and applying fiscal policies aimed at stimulating investment, production, exports, and private sector growth”.
“The state has a real desire to create a competitive business environment to unleash the potential of local manufacturing in various sectors, in a way that contributes to maximizing production and export capabilities,” Kouchouk told the ministry’s top officials during his first meeting with them.
Kouchoukhas served as Deputy Minister of Finance since March 2016 and has played a key role in the design and implementation of economic and financial policies and reforms.
Flexibility & openness
Minister Kouchouk stressed the importance of flexibility and openness to boost economic growth.
“We must be more open, flexible, and supportive of local and international investors to attract more investments in a bid to stimulate the Egyptian economy,” he told the gathering yesterday.
Kouchouk, who worked as a senior economist at the World Bank, pointed out to the ministry’s continuous upgrading of tax and customs automation to improve Egypt’s competitiveness as an investment destination in the region.
“Together, we can overcome challenges and difficulties, contain external and internal shocks and ensure optimal use of state resources for the benefit of citizens, through continuous work to strengthen the governance of the revenue and spending system,” he said.
The minister pledged to provide all support required to enhance performance, saying: “We must do the right thing at the right time. Our country and our people expect a lot from us.”
He has made it clear that fiscal policies should reduce government debt in a bid to enhance economic performance, pointing out to the government’s commitment to public debt cap of 88.2 per cent of gross domestic product (GDP) in the current fiscal year.
He pointed out to the government’s goal to slash state budget deficit and post a 3.5 per cent primary surplus.
Citizen is a priority
During the meeting, Yasser Sobhi, Deputy Minister for Financial Policies, has reiterated that the citizen is the primary goal of any financial policies, pledging to work to support the most vulnerable groups.
Sobhi also stressed the need to achieve economic stability, the Ministry of Finance has efficiently managed the state’s public finances against all odds, citing global and regional crises.
“We will succeed in enhancing performance to achieve financial and economic targets and meet the development needs of citizens,” he said.
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