Finance Minister: Committed to achieving goals of current fiscal year

The Finance Ministry is committed to achieving all goals set for the current fiscal year, which ends in June, despite the severe global pressure on the Egyptian economy, Mohamed Maait said.

The finance minister, in statements on Tuesday, said the plan is to achieve a primary surplus of 1.5 percent of the Gross Domestic Product (GDP) during the current fiscal year.

If everything works according to plan, this surplus should increase to 2.5 percent of the GDP in the next fiscal year, Maait added. This, he noted, would contribute to reducing local debt to less than 80 percent by 2026-2027.

The Finance Ministry was able to maintain a primary surplus of 1.3 percent for five consecutive years that ended last June, said Maait.

The Egyptian economy is coherent, the minister re-assured, insisting it remains resilient in the face of global crises.

“The Egyptian economy is up on its feet,” Maait said, believing that Egypt would overcome all the global challenges as it did before.

He touched upon diversified sources of income in Egypt and affirmed that it is capable of attracting foreign direct investments.

The Egyptian economy could attract many foreign investments during the first half of the current fiscal year, as well as financial resources from many international institutions, the minister stated. All this happened despite the exceptional global circumstances, Maait noted.

He also pointed to reforms carried out by the government with the aim to empower the local and foreign private sectors, noting that this would help quickly restore strong and sustainable economic growth.

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