Kouchouk outlines key financial priorities for Egypt’s economic stability
Updated 9/11/2024 4:16:00 AM
Arab Finance: The Egyptian Minister of Finance Ahmed Kouchouk has outlined three main financial policy priorities for the near future, aimed at boosting economic stability for citizens and investors, as per a statement.
Speaking at the American Chamber of Commerce, he highlighted plans to build a new relationship between the Egyptian Tax Authority (ETA) and the business community based on partnership, support, and certainty.
These efforts are meant to improve tax services and expedite dispute resolution, he asserted.
Kouchouk also revealed that a comprehensive package of tax facilities will be announced soon, marking the beginning of a real partnership with businesses.
Additionally, the ministry is formulating a strategy to reduce the debt-to-GDP ratio through innovative financial tools like sukuk and green bonds, as well as converting some debts into investments.
The minister stressed the government’s commitment to supporting productive sectors and social spending programs, aiming to create a more stable environment for private sector growth.
He also announced the provision of annual funding for car manufacturing and exporting, including electric vehicles, as well as the recently introduced new tourism initiative worth EGP 50 billion to expand hotel capacity.
Further initiatives to promote IT localization and support affordable energy solutions are also in the works.
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