CAIRO – Egyptian Finance Minister Ahmed Kouchouk affirmed that the strong and ambitious financial performance is pushing the country to continue on the path of economic reform.
He stated that the economy has achieved the highest initial surplus since 2005 at 3.1 per cent during the period from July to May, despite declining revenues from the Suez Canal and the energy sector.
In a statement on Wednesday, Kouchouk said that Egypt’s economy is improving and that “the best is yet to come,” noting that the private sector has demonstrated its capacity for growth, accounting for 60% of total investments over the past ten months.
He pointed out that financial targets are being pursued despite the loss of LE110 billion in Suez Canal revenues and the provision of an additional LE150 billion in support to the energy sector.
He also highlighted that the country recorded the highest tax revenues in years, up 38 per cent, without imposing new burdens.
Kouchouk noted that average spending on health increased by 27%, and on education by 23% over the past ten months.
Subsidies for food commodities reached EGP 95 billion (up 37% year-on-year), and EGP 30 billion was allocated to the social solidarity programme “Takaful and Karama” (up 24%), he said.
Additionally, EGP 11 billion was spent on state-funded medical treatment (up 35%), EGP 8 billion was allocated to support industrial production (up 128%), and around EGP 15 billion was earmarked to assist exporters, the minister added.
