Finance: We recorded a growth of 3.6% despite the Corona pandemic, and we are targeting 5.4% in the new fiscal year

Finance .. in his meeting with the Australian ambassador in Cairo:

Complete the process of financial reform ... without any additional burdens on citizens

Finance: We recorded a growth rate of 3.6% despite the "pandemic", and we are targeting 2.8% in the current fiscal year

Improving budget indicators boosts spending on development investments

We achieved an initial surplus of 48 billion pounds ... during the period from July to April 2021

Incentive programs to encourage the private sector to expand investment and development activities

Industry, agriculture, transportation and communication technology ... the most important priority sectors

The Australian Ambassador in Cairo:

Australian investments in the mining sector in Egypt are a model for fruitful cooperation between the two countries

 

Books Ahmed Yaqoub

Mohamed Maait, Minister of Finance, affirmed that we are continuing to complete the process of financial reform, without any additional burdens on citizens, in a manner that reflects positively in improving the basic indicators of the state's general budget, in a way that contributes to enabling the government to enhance spending on development investments. In order to improve the quality of life and provide more job opportunities, explaining that the financial performance indicators during the period from July to April of the current fiscal year 2020/2021 witnessed an unprecedented improvement, as a first surplus of 48 billion pounds was achieved, despite the negative repercussions of the crisis. Corona »on economic activity, and the provision of additional financing 31 billion pounds to implement the targeted development projects; So that the government implemented investments, which the Ministry of Finance bore their burdens, amounted to about 194.7 billion pounds, with an annual growth rate of 72.3%

 

The minister added, during his meeting with Glenn Miles, the Australian Ambassador in Cairo, in the presence of Dr. Hossam Hussein, Advisor to the Minister of Finance for External Relations, and Doaa Hamdy, Acting Head of the External Relations Unit, that we have succeeded in maintaining a positive growth rate of 3.6% during the past fiscal year, and we are targeting 2 8% in the current fiscal year, and 5.4% in the new fiscal year, despite the repercussions imposed by the Corona crisis that have negatively affected the global economy; In a way that embodies the gains achieved by the economic reform program, which enabled the Egyptian economy to deal with a positive and flexible response to the "pandemic", avoid the worst scenarios, and advance the development movement through a balance between preserving citizens' health and rotating the wheel of production.

 

The minister explained that the government is adopting a number of incentive programs to encourage the private sector to expand its investment activities in various developmental areas, especially in the priority sectors, foremost of which are: industry, agriculture, transport, and communication technology, to take advantage of promising export opportunities for many neighboring countries, or agreements Free trade, to which Egypt is a party, especially in light of the efforts made by the government to support exporting companies. The total arrears of exporter support to the Export Development Agency have reached more than 25 billion pounds since the start of the "pandemic".

 

Glenn Miles, the Australian Ambassador in Cairo, praised the positive performance of the Egyptian economy during the "pandemic", and the opportunities for growth in the next stage through the advantages of geographical location and qualified employment, pointing to Australian investments in Egypt, especially in the mining sector, which represent a model for fruitful cooperation between the two countries.

 

He affirmed his country's interest in strengthening joint cooperation in the field of agriculture, and expanding the recruitment of students from Egypt to study in Australian universities, in a way that contributes to the improvement of bilateral economic and development relations, pointing to the success of the Australian economy in overcoming the Corona crisis in a short time, and that his country is working to provide the vaccine to its citizens in As soon as possible, as one of the methods of confronting this "pandemic".