Egypt’s Finance Minister Ahmed Kouchouk said the government is making tangible progress in reducing public budget-sector debt under a disciplined approach, backed by a strong political will.
Speaking at a discussion session at the Bibliotheca Alexandrina, Kouchouk said budget-sector debt fell to 84% of GDP from 96% over the past two years, while external debt declined by about $4 billion, meaning Egypt repaid more than it borrowed. By contrast, debt levels in emerging markets rose by 6.5% over the same period, he said.
Kouchouk said the economy is improving and that fiscal policy will remain balanced while continuing to offer facilitation measures without imposing new burdens on investors or citizens. He added that exports of goods and services are the main engine of growth, noting a 73% rise in private sector investment in the last fiscal year.
The minister said tax revenues rose by 35%, or about EGP 600 billion, without new taxes, supported by reforms and simplification measures. He also announced further tax incentives, including a cut in VAT on medical devices and continued support for small taxpayers.
Officials attending the event said recent fiscal reforms are strengthening confidence in the Egyptian economy and supporting growth, exports and improved living standards.
