Finance Minister Ahmed Kouchouk outlined Egypt's commitment to three strategic priorities: financial stability, economic growth, and empowering the private sector during a video conference organized by EFG Hermes, attended by over 60 foreign investors. He highlighted the ministry's ongoing efforts to place public debt and its servicing on a downward trajectory through a comprehensive debt management strategy, while also striving to improve external debt indicators. During his extensive dialogue with international investors, Kouchouk reaffirmed Egypt's near-term focus on three key areas: building trust between the Tax Authority and both local and foreign business communities, deploying diverse fiscal policy tools to increase private sector participation, and implementing a comprehensive approach to reduce the debt-to-GDP ratio. Additionally, the minister emphasized the importance of strengthening external debt indicators as part of this fiscal and economic stabilization plan. Kouchouk stated that Egypt remains firmly committed to its ambitious national reform program, which aims to achieve financial and economic targets. He revealed that a primary budget surplus of EGP 90bn was recorded in the first quarter of the fiscal year, a surplus over four times greater than those seen in previous years. The minister highlighted a significant decrease in the external debt for budgetary entities, which dropped by approximately $4bn over the past year. Furthermore, the debt-to-GDP ratio for these entities declined to 89.6% in June 2024, down from 96% in June 2023. Investors expressed a strong interest in learning about the Ministry of Finance's financing strategy for the current year, including planned issuances. Kouchouk noted that improvements in remittances from Egyptians abroad, tourism revenues, and foreign direct investment inflows are supporting economic activity and enhancing overall conditions in the country.
