Egyptian Finance Minister Mohamed Maeet said on Tuesday that initiatives that support economic activities add to the cost of financing, interest rates and prices of commodities and services.
The initiatives will continue despite pressures on the budget, the minister noted.
He was speaking during a debate on the new draft budget with representatives of the Federation of Egyptian Industries (FEI), the Egyptian Businessmen’s Association, the Egyptian African Businessmen’s Association and the Federation of Egyptian Chambers of Commerce.
The economic landscape in Egypt is improving, Maeet said, expecting the coming stage to be better.
The Finance Ministry is looking forward to comprehensive and integrated measures that would effectively contribute to restoring the economic activities and pushing forward agricultural and industrial production, as well as exports, the minister said.
The new budget is “exceptional” and aims at achieving an initial surplus amounting to 3.5 per cent of the Gross Domestic Product (GDP), Maeet said.
He put the value of public revenues at about 2.5 trillion pounds, while public expenditures amount to about 3.8 trillion pounds.
The government is keen on having stable tax policies that would lead to economic recovery and stability, Maeet noted.
