The Ministry of Investment and Foreign Trade convened the second meeting of the National Committee for the Business Readiness Report, attended by representatives from relevant government entities and Ibrahim Saber, governor of Cairo.

The Egyptian economy recorded a growth rate of 3.5% during the first quarter of the fiscal year (FY) 2024/2025, up from 2.7% in the corresponding period of the previous year.

Egypt’s total budget deficit dropped to 3.28% of GDP in the first five months of the fiscal year (FY) 2024/2025, amounting to EGP 560.6 billion, compared to 4.66% during the same period a FY earlier.

The Egyptian government is seeking to implement more reforms in fiscal, monetary, and trade policies to create a clear and transparent investment environment, Minister of Investment and Foreign Trade Hassan El-Khatib announced during a roundtable discussion.

The Egyptian government has asked the International Monetary Fund (IMF) for an extension of the timeline for the implementation of reforms that were agreed upon under the economic reform program with the fund.

Egypt will introduce significant tax reforms and measures to attract investments next September, Prime Minister Mostafa Madbouly revealed.

Egypt and the International Monetary Fund (IMF) have discussed the country’s keenness to driving structural reforms and private investments in the fields of renewables, technology, water desalination, and infrastructure.