Egypt adopts balanced fiscal policies to boost economic performance: Finance Minister - Economy

Al-Ahram Weekly

18-07-2025

Egypt's Minister of Finance, Ahmed Kouchouk, affirmed that the government is doubling its efforts in the upcoming phase to enhance economic performance through balanced fiscal policies.
Speaking during an extended dialogue with international investors on Thursday at the British-Egyptian Business Association (BEBA) in London, Kouchouk emphasised that Egypt is not competing with any specific country.
Instead, the government aims to boost the competitiveness of the Egyptian economy, promote national development, and foster sustainable economic growth.
He urged both local and international investors to capitalise on the economic opportunities available in Egypt fully, positioning the country as a strategic gateway to numerous regional and global markets.
Kouchouk noted that Egypt has established a competitive growth model underpinned by a stable and coherent policy framework, laying a strong foundation for attracting new investments, localising manufacturing, and advancing technological development.
The minister reaffirmed Egypt's commitment to improving the business climate through clear and tangible reforms. He emphasised that the government functions as a unified body with a shared vision to deliver a meaningful economic transformation, bolster investor confidence, and safeguard financial and economic stability.
These efforts, he added, include building sustainable, integrated policies that sustain the momentum of recent positive economic developments.
During the meeting, Kouchouk outlined ongoing tax and customs reforms aimed at simplifying procedures, lowering costs, and shortening customs clearance times to draw further investment.
The government is also conducting a comprehensive review of taxpayer rights to strengthen them through legislative and regulatory changes to ensure greater tax fairness in the near future.
Kouchouk revealed that Egypt is working with a range of international partners and expert institutions to improve investor services and stimulate higher levels of investment inflows.
He emphasised that all public financial allocations must yield tangible economic benefits for investors, citizens, and the broader economy. To this end, allocations for economic activities have been doubled, with EGP 45 billion earmarked in the current budget to support exports.
He emphasised that economic reform is not about achieving short-term milestones, but about cultivating long-term trust, establishing predictable policy foundations, and ensuring adaptability in the face of change.
Kouchouk reported that Egypt's financial performance has steadily improved, with a positive outlook for the future.
Despite global economic headwinds, Egypt posted strong results in the last fiscal year, with the private sector playing a pivotal role in driving growth.
Private investment rose by 77 percent, while non-oil exports increased by 33 percent—reflecting growing confidence in the Egyptian economy and its ongoing reform agenda.
The minister emphasised that private sector expansion creates a conducive environment for attracting foreign direct investment, which in turn has a positive impact on tax revenues.
In the past fiscal year, Egypt's tax revenues increased by 35 percent without the imposition of any new burdens, thanks to the expansion of the taxpayer base and the resolution of longstanding disputes.
He explained that the government has focused on overhauling the tax system through three major reforms: the introduction of a unified tax regime for small and medium-sized enterprises, the facilitation of voluntary dispute settlements, and the option to resubmit or amend previous tax filings without penalty.
As a result, the ministry received around half a million new or revised tax declarations, and the private sector voluntarily contributed an additional EGP 60 billion in taxes.
Follow us on:
Facebook
Instagram
Whatsapp
Short link: