Egypt’s newly appointed Minister of Finance, Ahmed Kouchouk, has articulated a comprehensive vision aimed at enhancing economic stability and promoting a resilient economic future in a statement issued subsequent to the swearing-in ceremony. Kouchouk has affirmed the government’s dedication to stimulating private sector growth, emphasizing the ongoing structural reforms in Egypt’s economy.
“The private sector plays a crucial role in driving comprehensive and sustainable development,” he stated, detailing initiatives aimed at fostering production, bolstering exports, and increasing domestic industry participation to enhance the competitiveness of Egyptian products.
As part of our commitment to fiscal responsibility, we are dedicated to maintaining a substantial primary surplus amounting to 3.5% of the gross domestic product for the current fiscal year, as stated by Kouchouk. This encompasses a set of strategies aimed at achieving sustainable reductions in debt and deficit levels, underpinned by a targeted debt ceiling of 88.2% of the gross domestic product.
Minister Kouchouk has underscored the pivotal importance of human development as a fundamental aspect of public expenditure, with a specific focus on the pivotal roles played by the health and education sectors. He has emphasized the critical contributions of these sectors to the overall advancement of development and their support for various segments of the economy.
The Minister emphasized the implementation of proactive measures to alleviate the financial burdens on the Egyptian population in light of the new fiscal year budget. The focus is placed on expanding social protection through targeted programs to mitigate the impact of inflation, with the aim of enhancing citizens’ living standards and improving public services.
Additionally, Minister Kouchouk addressed the economic risks posed by global and regional crises, assuring proactive management to mitigate external and internal shocks and safeguard the Egyptian economy and its citizens.
