Ahmed Kamel – Egypt Daily News
Egypt has made notable strides in lowering its public debt, Finance Minister Ahmed Kouchouk announced during a discussion at the Bibliotheca Alexandrina. He said the government’s disciplined fiscal approach, supported by strong political will, has reduced budget-sector debt from 96% of GDP to 84% over the past two years, while external debt declined by approximately $4 billion, indicating that Egypt repaid more than it borrowed during this period.
By contrast, debt levels in emerging markets increased by 6.5% over the same timeframe, underscoring Egypt’s relative fiscal progress.
Kouchouk highlighted that Egypt’s economy is improving and assured that fiscal policy will remain balanced while continuing to provide facilitation measures without placing additional burdens on investors or citizens. Exports of goods and services remain a key driver of growth, and private sector investment surged by 73% in the last fiscal year.
Tax revenues increased by 35%, or about EGP 600 billion, without introducing new taxes, thanks to ongoing reforms and simplification measures. Kouchouk also announced further incentives, including a reduction of VAT on medical devices and continued support for small taxpayers.
Officials at the session said these reforms are strengthening confidence in Egypt’s economy, boosting exports, supporting growth, and improving living standards.
