(3 Minutes Read)
Egypt achieved a fair degree of financial discipline by realizing budget targets. It has succeeded in achieving a primary surplus averaging 1.3 percent of GDP. Egypt’s Minister of Finance, Mohamed Maait, revealed this during a meeting with the Undersecretary of the US Treasury for International Affairs at the World Bank and IMF spring meetings,
He further revealed that Egypt’s target of achieving a primary surplus of 3.5 percent in the fiscal year 2024- 25 will be an important turning point in reaching a fair degree of financial discipline for the North African country. Minister Maait further emphasized Egypt’s strategy to ensure the sustainability of its economy by reducing deficit and debt levels relative to the gross domestic product.
As part of this strategy, the government aims to allocate 50 percent of the revenues generated from the Initial Public Offering (IPO) program towards reducing the debt of budgetary agencies. The implementation of a comprehensive economic reform program, supported by the International Monetary Fund (IMF), has played a significant role in stabilizing Egypt’s economic outlook and fostering growth, development, and job opportunities.
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The minister highlighted the program’s cohesive policies, which are specifically designed to strengthen the private sector. He further highlighted Egypt’s full support for the private sector, aiming for it to lead the country’s economy and capture a significant market share of 65 to 70 percent.
