Arab Finance: Egypt’s economic growth for fiscal year (FY) 2024/2025 surpassed expectations, recording 4.4%, driven by strong performance across manufacturing, tourism, communications, and information technology, Minister of Finance Ahmed Kouchouk revealed.

Speaking during a virtual meeting with investors organized by FIM Partners, a firm specializing in managing emerging and promising market investments, Kouchouk noted that the private sector now leads investment activity in Egypt, with a growth rate of 73% during the last fiscal year.

He said Egypt has begun to regain investor confidence, positioning itself as an attractive destination with diverse and competitive opportunities.

Kouchouk added that the government’s economic and fiscal reforms have led to a primary surplus of 3.6% of gross domestic product (GDP), which is higher than the target despite global challenges.

Over the past two years, Egypt reduced its debt-to-GDP ratio by 10% and cut external debt by about $4 billion.

He highlighted that tax revenues rose 35% in the last fiscal year without imposing new taxes, driven by stronger economic activity and an expanding tax base.

Foreign direct investment (FDI) reached roughly $12.2 billion, with notable sectoral diversity, while remittances from Egyptians abroad increased by 66% to $36 billion.

He also said net foreign assets have improved, inflation rates are declining sharply, and interest rates have started to fall.

Kouchouk explained that the government is working to convert a significant portion of deposits from Arab countries and debt owed to certain nations into investments, aiming to further reduce public debt.

Preliminary figures for the first quarter (Q1) of the current fiscal year indicate continued progress, with a primary surplus exceeding EGP 170 billion and ongoing reductions in government debt.

Kouchouk added that market outlooks and assessments by international rating agencies have begun to shift positively, reflecting growing confidence in Egypt’s economic trajectory.

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