Egypt’s Minister of Finance, Ahmed Kouchouk unveiled the government’s aim to create larger financial spaces to alleviate the suffering of citizens as much as possible, pledging to work on supporting the most vulnerable groups.
Kouchouk has pointed out that the objective is to rein in impacts of an inflationary wave, resulting from global and regional economic challenges, stressing the importance of “developing and applying fiscal policies aimed at stimulating investment, production, exports, and private sector growth”.
“The state has a real desire to create a competitive business environment to unleash the potential of local manufacturing in various sectors, in a way that contributes to maximizing production and export capabilities,” Kouchouk told the ministry’s top officials during his first meeting with them.
Kouchouk has served as Deputy Minister of Finance since March 2016 and has played a key role in the design and implementation of economic and financial policies and reforms.
Minister Kouchouk stressed the importance of flexibility and openness to boost economic growth.
The minister pledged to provide all support required to enhance performance, saying: “We must do the right thing at the right time. Our country and our people expect a lot from us.”
He has made it clear that fiscal policies should reduce government debt in a bid to enhance economic performance, pointing out to the government’s commitment to public debt cap of 88.2 per cent of gross domestic product (GDP) in the current fiscal year.
He pointed out to the government’s goal to slash state budget deficit and post a 3.5 per cent primary surplus.
Source: The Egyptian Gazette
