Minister of Finance Ahmed Kouchouk said that the International Monetary Fund (IMF) has raised its forecast for Egypt’s economic growth to 4.7 percent in 2027, up from its previous estimate of 4.4 percent.
He noted that clarity and transparency in dealings with investors increase predictability and strengthen confidence in Egypt’s economic trajectory.
Speaking during an open dialogue with international investors at two meetings hosted by JPMorgan and Bank of America on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, the Minister said, “Our economy is moving in the right direction, and indicators are improving as economic and fiscal reforms are implemented.”
“We are pursuing a balanced approach to sustain improvements and financial stability, stimulate investment, and increase production and exports,” he added.
“We have adopted a proactive approach to addressing shocks, which has received positive responses from investors and markets. We also have promising investment opportunities, along with incentives and tax and customs facilitations that support economic activity and the business community,” Kouchouk said.
He added that Egypt had achieved strong fiscal performance, supported by growth in economic activity and increased private-sector investment. The primary surplus rose to 4.9 percent, while the budget deficit fell to 5.8 percent of gross domestic product (GDP) during the last fiscal year.
He noted that the government’s approach of providing tax facilitation, fostering partnerships and building trust with taxpayers had helped increase voluntary compliance and boost tax revenues by approximately 27 percent, without imposing any additional burdens.
Kouchouk also pointed out that Egypt is committed to reducing the external debt of budget-sector entities by approximately one billion dollars to two billion dollars annually.
“The government also aims to diversify its funding sources and instruments and extend debt maturities to meet financing needs at the lowest possible cost and over the longest possible repayment period,” according to him.
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