Egypt navigates geopolitical struggles with strategic economic program
Date
7/28/2024 6:07:52 AM
(MENAFN) Egypt is navigating complex geopolitical challenges with a strategic and balanced approach as part of a comprehensive program aimed at enhancing economic performance. Finance Minister Ahmed Kouchouk expressed optimism about the International Monetary Fund's (IMF) Board of Directors approving the third review of Egypt's economic reform program, scheduled for July 29. Kouchouk highlighted the government's commitment to continuing with successful reviews and working towards securing funding from the Resilience and Sustainability Fund.
In a statement made on Saturday, Kouchouk emphasized the government's dedication to maintaining financial discipline. He outlined that achieving a downward trajectory for the debt-to-GDP ratio of budget agencies is a key objective. This fiscal prudence is intended to create sufficient financial space to increase spending on critical areas such as education, health, and social protection. Additionally, the government is focused on reducing inflation rates to ensure price stability, which is crucial for improving the living conditions of citizens and supporting the competitiveness of businesses.
During a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the G20 meetings in Brazil, Kouchouk reaffirmed the Egyptian government's commitment to fiscal responsibility. He underscored the importance of increasing private sector investments and boosting productive and export activities as priorities for the coming period. Enhancing the business environment to attract foreign direct investment is also a key focus, along with simplifying tax and customs procedures to rebuild trust between the business community and the tax administration, thereby improving services for taxpayers.
This strategic approach underscores Egypt's determination to implement robust economic reforms while managing the geopolitical complexities of the region, aiming to achieve sustainable economic growth and stability.
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