Egypt aims to cut external debt by $1-2bln annually, presidency says
The target was announced following a meeting between Egypt's President Abdel Fattah Al-Sisi, Prime Minister Mostafa Madbouly, and Finance Minister Ahmed Kouchouk.
During the meeting, the finance minister also presented results from a tax facilitation initiative, which has yielded EGP 54.76bn in additional declared taxes. The div came after more than 450,000 new or amended tax returns were submitted.
The presidency statement noted that 110,000 requests to voluntarily settle tax disputes had been submitted as of 19 June2025, reflecting what the minister described as taxpayers' confidence and positive engagement with the initiative.Additionally, 52,901 taxpayers have applied for incentives and tax breaks available to projects with an annual turnover not exceeding EGP 20m.
A review of the fiscal performance from July 2024 to May 2025 showed a large primary surplus and a reduced overall deficit. Tax revenues grew by 36%, which was attributed to improved economic activity and an expanded tax base without imposing new burdens, alongside continued spending rationalisation.
The finance minister also reviewed the progress of reforms under the International Monetary Fund (IMF) programme and the ongoing negotiations to reach an agreement on the fifth review and the disbursement of its related tranche.
The discussion addressed global economic volatility and the impact of geopolitical events, particularly the conflict between Iran and Israel, on market uncertainty, shipping costs, and some commodity prices.
According to the spokesman, President Al-Sisi directed the government to learn from successful international experiences to stabilise fiscal and tax policies, aiming to improve the business climate, expand the tax base, attract investment, and boost production, exports, and employment.
The president also called for continuing efforts to enhance fiscal discipline while supporting allocations for social protection and human development, urging that all necessary financial and commodity precautions be taken in light of regional developments.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Energean Deepens African Gas Focus Ahead of Silver Partnership at African Energy Week (AEW) 2025
International hydrocarbon exploration and production company Energean will participate as a Silver Partner at this year's African Energy Week (AEW): Invest in African Energies 2025, taking place from September 29 to October 3 in Cape Town. The company enters the conference with a deepened focus on Egypt's natural gas sector. The company aims to optimize its offshore concessions in the country and plans to integrate its three existing licenses – Abu Qir, North El Amriya and North Idku – in the Nile Delta region to streamline costs and enhance productivity. Energean recently launched an infill drilling campaign in the Abu Qir concession. A well drilled from the North Abu Qir PII platform discovered 270 feet of net play in the BKES-1 and Abu Madi formations – double the pre-drill estimate. The well confirmed gas in place between 87 and 129 billion cubic feet and identified a possible 55-foot liquids column, with first production scheduled to begin later this year. As part of its 2025 strategy, Energean is preparing to drill its low-cost East Bir Nus concession in Egypt's Western Desert and is pursuing near-field drilling opportunities around Abu Qir. The company is also targeting deeper horizons with Abu Qir to access untapped resources and accelerate gas-to-market timelines. Beyond Egypt, Energean continues to advocate for a pan-African approach to natural gas development, calling for accelerated timelines, regulatory clarity and stronger regional cooperation to unlock the continent's vast untapped resources. The company recently emphasized that Africa's energy transformation requires bold leadership and integrated planning, noting that natural gas can play a central role in industrialization, job creation and long-term energy security. Energean is also actively engaging with African governments and stakeholders to share technical expertise, promote infrastructure-led growth and support the development of gas value chains that are both economically and environmentally sustainable. Following an announcement in December 2024 that Energean would target new acquisitions across Africa, along with the Balkans, the UK and the North Sea, the company is actively reshaping its portfolio around high-impact, development-ready assets. This strategic shift comes in the wake of the divestment of mature assets and signals a renewed focus on frontier and underdeveloped regions, where Energean can apply its proven development model. 'Energean's continued investment in Egypt and its broader commitment to unlocking Africa's gas potential reflect exactly the kind of pragmatic, forward-looking energy leadership we need. Their integrated approach to development, combined with deep technical capability, positions them as a key partner in driving energy access, industrial growth and long-term security across the continent,' states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
2 hours ago
- Zawya
Egypt: NileSat's net profits near $33mln in H1-25
Egyptian Satellites Company (NileSat) posted $32.33 million in net profit from continuing operations in the first half (H1) of 2025, higher than $21.47 million in H1-24. Revenues amounted to $48.63 million in the first six months (6M) of 2025, an annual decline from $50.80 million, according to the financial results. Earnings per share climbed to $0.87 in H1-25 from $0.58 in H1-24. Financial Statements for Q2 During the second quarter (Q2) of 2025, the EGX-listed company achieved a year-on-year (YoY) increase in net profits from continuing operations to $17.58 million, versus $15.09 million. Meanwhile, the revenues fell to $24.56 million in Q2-25 from $25.35 million in the same quarter a year earlier. All Rights Reserved - Mubasher Info © 2005 - 2025 Provided by SyndiGate Media Inc. (
Zawya
2 hours ago
- Zawya
E-Systematic Egypt — 'The Official Egyptian Real Estate Platform' announces organizational restructuring and leadership appointments
E-Systematic Egypt — 'The Official Egyptian Real Estate Platform' announces organizational restructuring and leadership appointments to strengthen technologyenabled real estate governance and drive regional expansion Mr. Essam Bahgat appointed Chief Executive Officer (CEO) and Mr. Mohamed Sami Mahmoud appointed Chief Financial Officer (CFO); Mr. Ahmed Elbatrawy continues as Chairman of the Board Cairo — E-Systematic Egypt (an Egyptian Joint Stock Company — S.A.E.), a global Egyptian technology company and the developer and operator of The Official Egyptian Real Estate Platform, announced a focused restructuring program centered on technology-driven real estate governance, operational efficiency, and accelerated innovation. The program reinforces the company's position as a regional PropTech leader by adopting world-class operating and technology standards and deepening institutional partnerships with Egyptian government entities to support market organization, transparency, and trust. Under the restructuring, Mr. Essam Bahgat has been appointed Chief Executive Officer (CEO) and Mr. Mohamed Sami Mahmoud has been appointed Chief Financial Officer (CFO), while Mr. Ahmed Elbatrawy continues as Chairman of the Board. These leadership changes are designed to unify executive decision-making, speed up product and platform development, and strengthen governance and compliance across the organization. The CFO will lead a disciplined growth and regional expansion agenda by improving unit economics and cost efficiency, and by building a robust reporting and KPI framework that informs investment and market-entry decisions while maintaining a resilient financial structure. Near-term priorities Strengthen technology-enabled real estate governance with clear, data-driven policies and accountability. Advance the platform's architecture to global standards, elevating reliability, security, and user experience. • Expand government partnerships to streamline digital market oversight and simplify compliance across the Egyptian real estate ecosystem. Pursue data-driven growth with selective regional expansion that increases returns and market share. About E-Systematic Egypt E-Systematic Egypt (Egyptian Joint Stock Company — S.A.E.) is a global Egyptian technology company that builds digital platforms and services to organize and elevate the real estate market. The company focuses on strong governance, world-class technology, and institutional partnerships in Egypt and abroad to raise efficiency, transparency, and trust across the sector.
