Egypt's Finance Minister Ahmed Kouchouk announced that the country has achieved the highest increase in tax revenues since 2005 — a 38 per cent rise over the past ten months — without imposing any new burdens, an official statement said. He added that very ambitious outcomes are expected from this path of trust, partnership, and support for the business community, which is driving efforts to broaden the tax base. Speaking at the annual conference of the Information and Decision Support Centre and the Faculty of Economics and Political Science at Cairo University, Kouchouk outlined three fiscal priorities to boost growth and reduce government debt. The minister added that the government is also working on providing tax and customs incentives to encourage private sector growth in the Egyptian economy, according to the statement. Kouchouk further stated that the government has begun implementing 20 tax and 30 customs measures to boost investment by simplifying procedures and cutting production costs. He highlighted the potential to address tax challenges without legislative changes and the government's goal to increase spending on economic competitiveness, human development, and debt reduction. The minister noted that the private sector has been rapidly advancing, representing approximately 60 per cent of total investments in the first half of the current fiscal year, with an annual growth rate of 80 per cent. Kouchouk confirmed that economic stimulus package allocations have doubled in the new budget of 2026 financial year, with EGP 78 billion designated to support industrial, export, and tourism activities. He added that the government is working on new financing tools as part of its strategy to reduce public debt. This includes exploring the issuance of local sukuk, citizen-targeted bonds, and bonds for Egyptians abroad. He noted that external debt related to the budgetary sector fell by approximately $3 billion last year, with plans to reduce it by a further $1 to $2 billion during the current financial year, as per the release. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
