Finance Minister Ahmed Kouchouk recognized as Africa's Finance Minister of the Year by African Leadership Magazine
The recognition highlights Kouchouk's 'visionary economic stewardship' and his role in implementing bold fiscal reforms that have driven financial stability and inclusive growth in Egypt.
According to the magazine, Egypt achieved a record primary budget surplus of 3.1 percent of GDP between July and April 2025 under Kouchouk's leadership.
The Minister also spearheaded comprehensive tax reforms and strengthened strategic cooperation with international financial institutions to reinforce the country's economic resilience.
The announcement comes ahead of the official ABLA Presentation Ceremony, set to take place during the Africa Summit London 2025 on July 9–10.
The annual ABLA awards are a flagship initiative by African Leadership Magazine to celebrate outstanding corporate governance, transformative leadership, and significant contributions to Africa's economic development.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
2 days ago
- Daily News Egypt
Local sukuk issuance planned for H1 FY26: Finance Minister
Ahmed Kouchouk, Egypt's Minister of Finance, has announced that local sukuk issuances are scheduled for the first half of the current fiscal year, as part of broader efforts to diversify financing tools and stimulate economic activity. He also revealed ongoing cooperation with the Ministry of Planning and International Cooperation to expand the scope of development financing from international partners. Speaking during a panel discussion organized by Al Ahly Pharos Securities Brokerage and moderated by the firm's Head of Research, Hany Genena, Kouchouk highlighted the government's commitment to the private sector, describing it as a key driver of Egypt's economic and financial progress. He emphasized that the government is working to build investor trust by delivering on its commitments and enhancing the competitiveness of the Egyptian economy. Kouchouk pointed to several positive indicators, including a 4.7% GDP growth rate in the third quarter of the previous fiscal year, supported by an 80% increase in private investment during the first nine months. He noted significant growth in the industrial, tourism, and ICT sectors, alongside a 30% rise in exports. Despite declines in Suez Canal and energy revenues, Egypt achieved a record primary budget surplus of 3.6% of GDP in the last fiscal year. The Minister also highlighted a more than 35% increase in tax revenues, accomplished without introducing new taxes but through policy simplifications and incentives that encouraged voluntary compliance. Encouraged by the success of the initial package of tax facilities, Kouchouk confirmed that a second package will soon be launched to deepen collaboration with the business community. This will be supported by ongoing efforts to streamline and accelerate the VAT refund process through a more integrated and efficient system. Reflecting on the strong start to the new fiscal year, the Minister reaffirmed the government's commitment to maintaining prudent fiscal policies that support growth while safeguarding financial stability. He concluded by stating that further reforms are planned to introduce innovative financing, saving, and investment instruments, as part of a comprehensive strategy to expand economic activity, reduce debt burdens, and extend the maturity profile of public debt.
Middle East
3 days ago
- Middle East
OPEN// President Sisi affirms importance of strengthening fiscal discipline in gov't procedures
CAIRO, Aug 16 (MENA) - President Abdel Fattah El Sisi on Saturday underscored the importance of continuing intensive efforts to enhance financial discipline in government procedures to improve the performance of the Egyptian economy and support development efforts. The president also stressed the importance of forging effective partnerships between government agencies and the business community and adopting a balanced fiscal policy to drive growth and maintain financial stability. This is while prioritizing reducing debt service rates and burdens. President Sisi made the remarks during a meeting with Prime Minister Moustafa Madbouli and Minister of Finance Ahmed Kouchouk. President Sisi reviewed the preliminary indicators of the fiscal performance for the fiscal year 2024/2025, which saw a distinct, good, and balanced performance, said Presidential Spokesman Mohamed el Shennawy, said The highest primary surplus was achieved, amounting to nearly EGP 629 billion (3.6% of GDP), an 80% increase compared to the fiscal year 2023/2024, which recorded a primary surplus of EGP 350 billion. Kouchouk said this outstanding financial performance was achieved in spite of the budget being exposed to impactful external shocks, most notably a sharp decline in Suez Canal revenues by 60% below the target, resulting in losses estimated at approximately EGP 145 billion compared to what was budgeted for in the general budget. The minister of finance also emphasized that the outstanding financial performance was coupled with a significant improvement in all economic indicators and a significant increase in private investments, manufacturing activity, and exports. The meeting addressed the main outcomes of the financial performance for the year 2024/2025, which included a remarkable growth in tax revenues, therefore achieving the highest growth rate in the past years, reaching 35%. This was due to the implementation of a package of tax incentives, expanding the tax base, and building confidence, certainty, and facilitation with the business community. Kouchouk reviewed the growth rate of primary expenditures and the general revenues for the budget. The percentage of growing revenues reached 29% and the percentage of growing primary expenditures reached 16.3%. Tax revenues for the fiscal year 2024/2025 amounted to EGP 2,204 billion, showing an increase of 35.3% compared to the previous fiscal year. He noted that the noticeable improvement in tax performance is the result of efforts to expand the tax base by voluntarily attracting new financiers, resolving disputes amicably, utilizing technological means and electronic systems, establishing an e-commerce unit, developing the tax system and applying a tax risk management system. This is in addition to improving the Tax Authority's administrative capabilities and regulatory procedures by updating the VAT refund procedures, designing a new fast and easy system as well as unifying, simplifying, revitalizing, and improving tax services, expanding tax concessions, and restoring confidence in taxpayers by reducing burdens on them, simplifying procedures, enhancing transparency, reducing chances of evasion, increasing compliance, and improving collection accuracy. He explained that the results of implementing the first phase of the tax concessions package from February to August 2025 included the submission of 401,929 applications to resolve old tax disputes, in addition to the submission of more than 650,000 amended or new voluntary tax returns, resulting in the collection of EGP 77.90 billion. The number of financiers who applied to benefit from tax incentives and concessions for projects with an annual turnover not exceeding EGP 20 million, in accordance with Law No. 6 of 2025, reached approximately 104,129. The minister of finance also indicated that the state has allocated budgets to treat more than 80,000 critical cases at the state's expense. The state also covered the subscriptions of those who could not afford within the Universal Health Insurance system, amounting to approximately EGP 2.3 billion in several governorates. In the field of education, the assistance of 160,000 teachers was required to fill the teacher shortage during the 2024/2025 academic year, at a cost of EGP 4 billion. A total of EGP 6.25 billion was also allocated during the 2024/2025 fiscal year for school feeding programs and the provision of meals for students to combat malnutrition. The President issued directives to continue efforts to achieve a primary surplus and increase spending on the Takaful and Karama programs, the health and education sectors, and social protection programs to alleviate the burden on citizens and promote social justice. (MENA) A A E/M N E
See - Sada Elbalad
4 days ago
- See - Sada Elbalad
Egypt Records Highest-Ever Primary Surplus of EGP 629 Billion in FY2024/25
Taarek Refaat Egypt has achieved its largest-ever primary budget surplus, recording EGP 629 billion ($13.1 billion) in the fiscal year 2024/25, equivalent to 3.6% of GDP, according to a statement released Saturday by the Egyptian Presidency. The figure marks an 80% jump compared to the EGP 350 billion surplus registered in 2023/24. Finance Minister Ahmed Kouchouk presented the results during a meeting with President Abdel Fattah El-Sisi, attended by Prime Minister Mostafa Madbouly, stressing that the surplus was secured despite significant external shocks. Among the challenges, the government highlighted a sharp 60% drop in Suez Canal revenues compared to budget forecasts, resulting in a shortfall of around EGP 145 billion. Nevertheless, Kouchouk said the strong fiscal outcome was accompanied by robust improvements in Egypt's broader economic indicators, including a surge in private investment, manufacturing, and export activity. The statement also revealed that Egypt achieved its highest growth in tax revenues in years, climbing 35% to reach nearly EGP 2.2 trillion in FY2024/25. Officials credited the increase to expanded tax facilities, a broadened tax base, and strengthened trust and cooperation with the business community. Overall revenues grew 29% year-on-year, while primary expenditures rose 16.3%, underscoring what the government described as a more efficient fiscal management strategy aimed at consolidating the state budget. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
