Egypt’s Minister of Finance Ahmed Kouchouk asserted the government’s commitment to fostering an inclusive and transparent economic dialogue, engaging both the business community and the public in shaping financial policies and economic strategies.
He underscored that fiscal discipline is achieved through investment-friendly policies and entrepreneurial initiatives that drive sustainable economic growth.
During a panel discussion on Wednesday with members of the Rotary Clubs of Nasr City, El Shorouk, and 10th of Ramadan, Minister Kouchouk outlined the government’s ambitious plan to improve debt indicators, reinforcing public confidence in economic reforms.
He highlighted a reduction in budget sector debt to 89 per cent of gross domestic product (GDP) and a decline in external debt by approximately $3 billion during the fiscal year (FY) 2023/2024.
The minister of finance referred to the pivotal role of private sector-led development in enhancing resource management and strengthening financial indicators. To this end, the government is actively implementing targeted programmes and initiatives designed to stimulate economic activity, boost competitiveness, and support both production and exports.
Kouchouk reiterated the government’s dedication to forging robust partnerships with the business sector, based on the principles of trust, partnership, and adherence to rights and obligations.
“The government is working on broadening the tax base by integrating new taxpayers, thereby enhancing capacity to fund essential public services,” the minister told the participants in the meeting.
Moreover, the minister reaffirmed the government’s commitment to the swift implementation of the first phase of tax relief measures upon the enactment of relevant incentive and facilitation laws.
These measures, he noted, will introduce a streamlined and comprehensive tax system tailored to small businesses, entrepreneurs, and professionals, incorporating various incentives, exemptions, and reliefs across all tax categories, including income tax, value-added tax, stamp duty, and development fees.
