(MENAFN) Ahmed Kouchouk, Egypt's newly appointed finance minister, reaffirmed the country's commitment to advancing structural reforms aimed at bolstering private sector growth. Speaking on Wednesday, Kouchouk outlined key fiscal targets for the current fiscal year, emphasizing a primary surplus goal of 3.5 percent of GDP and adhering to a debt ceiling not exceeding 88.2 percent.

Kouchouk assumed office shortly after the resignation of Prime Minister Mostafa Madbouly's government, marking a significant reshuffle with changes expected in approximately 20 ministerial portfolios, as reported by local media. Madbouly, who has been in office since 2018, will continue to lead the new government.

Previously serving as deputy to Mohamed Maait, who held the finance minister position since 2018, Kouchouk played a pivotal role in Egypt's economic strategies, including negotiations with the International Monetary Fund (IMF) and managing challenges such as high inflation and foreign currency shortages. His appointment underscores Egypt's ongoing commitment to fiscal discipline and economic stability amidst broader regional and global economic dynamics. 

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