Kouchouk Says Egypt Prioritises Private Sector Role In Economy
Date
8/1/2024 11:28:19 PM
(MENAFN- Daily News Egypt) Egypt's Minister of Finance Ahmed Kouchouk, emphasised that increasing the role and contribution of both domestic and foreign private sectors in the Egyptian Economy is a top priority for the new government.
Egypt's Finance Minister Ahmed Kouchouk has pledged to increase the role of both domestic and foreign private sectors in the country's economy. In his first meeting with international investors in London, Kouchouk outlined a strategy to create a more attractive investment climate and address economic challenges.
The minister emphasised that rationalising public spending will free up resources for private investment, stimulating comprehensive and sustainable development. To encourage investment, the government will implement stable tax policies and support production and exports. Egypt's advanced infrastructure and investment incentives will be promoted as key selling points to attract both domestic and foreign capital.
Kouchouk acknowledged the global and regional challenges facing Egypt but expressed confidence in the government's ability to navigate these difficulties through a flexible and comprehensive strategy. The government is collaborating with the International Monetary Fund (IMF) to implement economic reforms aimed at reducing inflation and stabilising the economy.
The minister anticipates a decline in inflation and easing financial pressures will create an opportunity to rapidly reduce debt and its associated costs. Reform programs with international institutions are expected to secure more than half of the government's foreign currency needs for the current fiscal year. The government remains committed to the debt ceiling,diversifying funding sources, and achieving sustainable growth targets.
To foster trust and transparency, Kouchouk pledged increased engagement with investors. The government will provide regular updates on economic data, outline economic challenges, and detail the path of planned reforms.
“We are keen to be as open as possible with all investor segments,” Kouchouk said.“The coming period will see enhanced engagement with foreign investors to attract more investments.”
MENAFN01082024000153011029ID1108509013
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.