Statement issued by the Ministry of Finance:

Kouchouk, in an open dialogue with investors over 3 consecutive sessions organized by HSBC, Standard Chartered and Goldman Sachs in Bangkok:

  • The stable outlook from credit rating agencies for the Egyptian economy reflects the success of the structural and economic reforms implemented

  • Balanced fiscal policies have helped encourage domestic and international capital to invest in Egypt

  • The private sector is leading economic activity, accounting for 65% of investment and pushing the growth rate to 5.1%

  • We achieved a primary surplus of 4.9% of GDP, and the overall deficit fell to 5.8% last fiscal year

  • Finance Minister Ahmed Kouchouk said Egypt's economy is improving and growing, and is able to respond flexibly to regional and international shocks and crises.

Speaking in an open dialogue with investors over 3 consecutive sessions organized by HSBC, Standard Chartered and Goldman Sachs on the sidelines of the IMF and World Bank meetings in Bangkok, the minister said the stable outlook that credit rating agencies have assigned to the Egyptian economy reflects the success of the structural and economic reforms implemented.

The minister added that balanced fiscal policies have helped encourage domestic and international capital to invest in Egypt, and that the private sector is leading economic activity, accounting for 65% of investment and pushing the growth rate to 5.1%.

Kouchouk explained that Egypt achieved a primary surplus of 4.9% of GDP and that the overall deficit fell to 5.8% last fiscal year. He noted that the government aims to bring the debt-to-GDP ratio down to about 70% within 3 years, lengthen debt maturities and reduce the debt-service burden.

The minister pointed out that international investors have responded to the economic reforms and lowered their assessment of investment risk in Egypt to its lowest level since 2014. He stressed that Egypt will press ahead with tax and customs facilitation through new packages that strengthen trust and partnership with investors, and is adopting many initiatives supporting the business community to broaden the country's productive, export and industrial base and create more jobs.