The Prime Minister holds a meeting with the Minister of Finance to follow up on several files

Dr. Mostafa Madbouly, Prime Minister, met this evening at the government headquarters in the new capital, Ahmed Kojok, Minister of Finance, to follow up on a number of the Ministry’s work files, in the presence of Sherif El Kilani, Deputy Minister of Finance for Tax Policies, and Ahmed Amawy, Head of the Customs Authority.

During the meeting, the Minister of Finance reviewed developments in financial and economic performance and efforts to restore investor confidence within the framework of an integrated and coherent economic vision that contributes to increasing the competitiveness of the Egyptian economy.

In this Context Ahmed Kojok confirmed that economic activity is moving in a positive direction, and that private investments recorded a growth of 73% during the last fiscal year, adding: We have balanced and good indicators that stimulate the path of restoring greater investor confidence in the Egyptian economy, stressing the commitment to maintaining a large primary surplus that enables us to increase spending on human development and social protection programs, and to contribute effectively to stimulating manufacturing and export.

The Minister of Finance added that the private sector has shown great confidence in the potential of the Egyptian economy and the investment climate; This allowed major investment deals to be concluded, such as the “Ras El Hekma” project. And “Alam Al-Rum”, in a way that reaffirms that the Egyptian economy is more competitive and attractive for investment.

During the meeting, the Minister reviewed the efforts to complete the path of tax reform that stimulates investment within the framework of the “Trust Partnership” With the business community by launching the tax facilitation initiative, which proved successful in the first package, in a way that was reflected in positive and encouraging results that indicate great confidence and response from the tax community, and in this regard, “Kojok” affirmed: The second package of tax facilities is currently being finalized.

The Minister of Finance also presented efforts to reduce the debt rates of budget agencies to the gross domestic product as an advanced national priority, and in this regard he stressed  Ahmed Kojok continues to implement the debt management strategy, pointing out that over the past two years we have succeeded in reducing debt to GDP by 10%, as well as reducing the value of external debt to budget agencies by about 4 billion dollars.

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