El-Sisi Reviews Economic Progress and Fiscal Strategy Amid Global Uncertainty
President Abdel Fattah El-Sisi met with Finance Minister Ahmed Kouchouk to discuss the latest developments in Egypt's financial and economic strategies. The session addressed several high-priority areas, including the outcomes of Egypt's first voluntary tax settlement initiative and ongoing efforts to reduce the external debt of state-affiliated entities.
Minister Kouchouk reported notable progress, including the submission of 110,000 voluntary tax dispute settlements and the filing of over 450,000 new or amended tax returns—generating an additional EGP 54.76 billion in tax revenues.
As part of the government's support for small businesses, 52,901 taxpayers with annual revenues below EGP 20 million applied for benefits under Law No. 6 of 2025.
The meeting also reviewed the latest figures on Egypt's international bond issuances for the fiscal year 2024/2025. Early data suggests the Finance Ministry succeeded in reducing external debt for budget-dependent entities by $1–2 billion annually.
President El-Sisi and Minister Kouchouk discussed the impact of growing global market volatility, driven by ongoing geopolitical instability—particularly the Iran-Israel conflict—which has led to increased uncertainty, rising shipping costs, and fluctuating commodity prices.
Between July 2024 and May 2025, Egypt achieved a solid primary surplus and made progress in narrowing the budget deficit. Tax revenues grew by 36%, a result of stronger economic activity and improved tax compliance—without imposing additional burdens on citizens. The government also maintained its policy of rationalizing expenditures.
The President was briefed on fiscal targets for FY2024/2025, which include reducing domestic and external debt-to-GDP ratios, sustaining tax revenue growth, improving GDP performance, and managing wage, interest, and procurement expenditures.
Updates were also shared on government investment spending and the progress of economic reforms agreed upon with the International Monetary Fund (IMF). Discussions are underway to finalize the fifth review and unlock the next tranche of IMF funding.
President El-Sisi instructed officials to leverage global best practices to enhance fiscal and tax frameworks—aiming to improve the business environment, widen the tax base, attract more investment, boost exports, and generate jobs.
He emphasized the need for continued fiscal discipline and efficient resource allocation to strengthen Egypt's economic performance, while ensuring adequate support for social protection programs and human development initiatives.
In view of regional tensions, the President also highlighted the importance of proactive financial and logistical planning to shield the national economy from external shocks.
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