Ahmed Kamel – Egypt Daily News
Egypt’s economy continues to demonstrate resilience and growing investor confidence, with Finance Minister Ahmed Kouchouk announcing that the country recorded a 4.7% growth rate in the third quarter of the past fiscal year. The uptick, he explained, was driven primarily by an 80% increase in private sector investments over the first nine months of the fiscal year clear evidence, he said, that betting on the private sector was the right choice.
Speaking during a panel discussion organized by Al Ahly Pharos Securities and moderated by the company’s Head of Research Hany Genena, Kouchouk emphasized that Egypt is steadily building a relationship of trust with investors by delivering on its promises and maintaining a consistent economic policy.
“Our message to the private sector is simple: what we declare, we execute,” he said. “We are committed to supporting the competitiveness of the Egyptian economy and enabling the private sector to drive sustainable growth.”
The finance minister highlighted strong performance across key sectors, including industry, tourism, telecommunications, and information technology. Egyptian exports also rose by approximately 30%, reflecting growing global demand for Egyptian goods and services. Despite external headwinds including declines in revenues from the Suez Canal and the energy sector, the country achieved a record primary surplus of 3.6% of GDP during the past fiscal year.
Kouchouk pointed to a more than 35% increase in tax revenues without the introduction of any new taxes or additional burdens on citizens or businesses. Instead, the government focused on simplifying tax procedures and incentivizing voluntary compliance. “Our partners in the taxpayer community have responded positively to the first phase of tax facilitation measures,” he noted. “This success encourages us to move forward with further reforms that reinforce certainty and trust in the tax system.”
In this context, Kouchouk announced that a second package of tax facilitation measures will be launched in the near future. These will include enhancements to the VAT refund process, aiming to make the system more efficient and business-friendly. The government is also working to accelerate the pace of economic activity, recognizing that faster growth translates into stronger, more sustainable fiscal performance.
Balanced Fiscal Policy and Reform-Oriented Agenda
The minister reaffirmed Egypt’s commitment to maintaining a balanced fiscal policy that supports economic growth without compromising financial discipline or macroeconomic stability. He said that the government is planning to roll out a new wave of reforms to expand the toolkit for financing, saving, and investing, thereby broadening the scope of economic participation.
“We have a clear financing vision for the current fiscal year,” he explained, “which is part of a broader strategy to reduce debt levels, ease the burden of debt servicing, and extend debt maturities.”
Kouchouk also pointed to ongoing collaboration with the Ministry of Planning and International Cooperation to secure more developmental financing from international partners. As part of these efforts, Egypt is preparing to issue local sovereign sukuk (Islamic bonds) during the first half of the current fiscal year—another step aimed at diversifying funding sources and deepening capital markets.
The finance minister expressed optimism about the trajectory of Egypt’s economy, stating that the solid start to the new fiscal year provides a strong foundation for continuing ambitious reforms. “The faster the wheels of the economy turn, the better and more sustainable our financial results will be,” he said.
With private investment rising, exports growing, and reforms underway to ease the path for businesses, Egypt is signaling to both domestic and international investors that it remains open for business and ready to partner with the private sector in driving its next phase of growth.
