Egypt - Minister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels.

Maait revealed the completion of the first project for the tax strategy for 2024-2030 at a monthly meeting organized by the American Chamber of Commerce in Egypt, chaired by Tarek Tawfik. He said that the strategy will be discussed with the business community and their feedback will be considered before submitting it to the government and parliament. He vowed not to raise corporate taxes in the future and to lower them if possible.

The Finance Minister explained that the recent exchange rate adjustment is a shift to a flexible exchange rate system that depends on the supply and demand of foreign currency.

Maait announced the formation of a committee that includes ministers, representatives of economic entities, and the auditing body to ensure that public investment spending does not exceed one trillion Egyptian pounds. He stressed the need to reduce investments in national projects and said that talks are ongoing to settle the dues of foreign companies operating in the oil and gas sector, with the involvement of the Petroleum Minister.

He confirmed that the Ministry of Finance aims to reduce public debt to 90% of GDP by 2025.

Maait said that the next period will see a series of measures to improve the investment climate, provide opportunities for the private sector to lead the economy, and participate in setting up and running development projects, including infrastructure projects and services for citizens. The Finance Minister assured that there will be no price hikes during this period.

Maait emphasized that the state gives priority to investment in the industrial, agricultural, and telecommunications sectors, as well as increasing exports. He said that efforts will be made to create the necessary environment to boost investments in these sectors and remove any obstacles that investors and the business community may face.

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