Egypt's Finance Minister Ahmed Kouchouk said reliance on the private sector "was well-placed," as reflected in recent economic performance. He noted that the government enjoys investor trust and is boosting competitiveness, an official report said on Monday. Speaking at a panel discussion organised by Al Ahly Pharos Securities, Kouchouk highlighted strong indicators of the state's ability to attract more investment inflows. He said GDP growth has reached 4.7 per cent in the third quarter of the last fiscal year, driven by an 80 per cent surge in private investment during the first nine months. He cited strong growth in industry, tourism, and ICT, with exports increasing by about 30 per cent. Although Suez Canal and energy revenues decreased, Egypt achieved a primary surplus of 3.6 per cent of GDP, the highest in years. Tax revenues increased by more than 35 per cent without new taxes, Kouchouk said, crediting facilitation measures that encouraged taxpayers' voluntary compliance, as per the statement. He confirmed that the second package of tax facilitation measures will be launched soon to reinforce business confidence, alongside steps to improve and speed up VAT refund procedures, the report added. The minister stressed Egypt's commitment to balanced fiscal policies that sustain growth without undermining financial stability, while also introducing new financing, saving, and investment tools to broaden economic activity. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
