Finance Minister Mohamed Maait said Egypt seeks to up its natural gas exports to one billion dollars monthly in 2023 against dlrs 600 million monthly.
On the fringe of his speech at Euromoney Egypt 2022, Maait said Egypt aims at raising total natural gas exports to dlrs 100 billion.
He noted that the volume of total gas exports in 2022 hit dlrs 32 billion against dlrs 25 billion in 2022.
He said the Egyptian economy has the ability to absorb domestic and foreign shocks and is resilient to their repercussions due to the efficient implementation of the all-out economic reform program as well as serious work to maintain financial stability and sustainable growth in various domains.
The 2021-2022 FY final statement highlights Egypt’s success to maintain stability of financial performance indices in light of exceptional international economic conditions, including the negative impact of the coronavirus crisis, he said.
He added that the Egyptian economy has managed to reduce the total state budget deficit to 6.1 percent of the total GDP and realized initial surplus of 1.3 percent during the previous fiscal year that ended in June 2022.
Egypt also reduced debt to 87.2 percent against 1.3 percent in 2016, he noted.
He added that the state expanded its social protection role by upping spending to protect and support vulnerable citizens to 33.9 percent to alleviate people’s suffering from inflation burdens.
He added that the launch of the State Ownership Policy Document opened new vistas would help lure foreign direct investments by about dlrs 10 billion annually within the coming four years.
The net foreign direct investments flow hit the highest level in 10 years by about 71.4 percent in the previous fiscal year compared to the 2020-2021 FY.