Egypt’s Minister of Finance Ahmed Kouchouk said Egypt’s economy is improving and growing, with the ability to respond flexibly to regional and international shocks and crises.
Speaking on Wednesday during three consecutive meetings with investors organised by HSBC, Standard Chartered and Goldman Sachs on the sidelines of the IMF and World Bank meetings in Bangkok, Kouchouk said stable outlooks from credit rating agencies reflected the success of the structural and economic reforms implemented by Egypt.
He added that balanced fiscal policies had helped encourage domestic and international investment, noting that the private sector now accounts for 65 per cent of investments and is driving economic activity, contributing to growth of 5.1 per cent.
Kouchouk said Egypt had achieved a primary surplus equivalent to 4.9% of gross domestic product (GDP), while the overall budget deficit fell to 5.8 per cent in the last fiscal year.
He noted that the government aims to reduce the debt-to-GDP ratio to around 70 per cent within three years, extend the average maturity of public debt and lower debt-servicing costs.
The minister said international investors had responded positively to Egypt’s economic reforms, lowering their assessment of investment risks in the country to its lowest level since 2014.
He stressed that the government would continue introducing new packages of tax and customs facilitation measures to strengthen confidence and partnership with investors.
Kouchouk added that the government was also pursuing several initiatives to support the business community, expand production, exports and industrial activity, and create more job opportunities.
