Ahmed Kouchouk, Egypt's Minister of Finance, has announced that local sukuk issuances are scheduled for the first half of the current fiscal year, as part of broader efforts to diversify financing tools and stimulate economic activity. He also revealed ongoing cooperation with the Ministry of Planning and International Cooperation to expand the scope of development financing from international partners. Speaking during a panel discussion organized by Al Ahly Pharos Securities Brokerage and moderated by the firm's Head of Research, Hany Genena, Kouchouk highlighted the government's commitment to the private sector, describing it as a key driver of Egypt's economic and financial progress. He emphasized that the government is working to build investor trust by delivering on its commitments and enhancing the competitiveness of the Egyptian economy. Kouchouk pointed to several positive indicators, including a 4.7% GDP growth rate in the third quarter of the previous fiscal year, supported by an 80% increase in private investment during the first nine months. He noted significant growth in the industrial, tourism, and ICT sectors, alongside a 30% rise in exports. Despite declines in Suez Canal and energy revenues, Egypt achieved a record primary budget surplus of 3.6% of GDP in the last fiscal year. The Minister also highlighted a more than 35% increase in tax revenues, accomplished without introducing new taxes but through policy simplifications and incentives that encouraged voluntary compliance. Encouraged by the success of the initial package of tax facilities, Kouchouk confirmed that a second package will soon be launched to deepen collaboration with the business community. This will be supported by ongoing efforts to streamline and accelerate the VAT refund process through a more integrated and efficient system. Ahmed Kouchouk, Egypt's Minister of Finance Reflecting on the strong start to the new fiscal year, the Minister reaffirmed the government's commitment to maintaining prudent fiscal policies that support growth while safeguarding financial stability. He concluded by stating that further reforms are planned to introduce innovative financing, saving, and investment instruments, as part of a comprehensive strategy to expand economic activity, reduce debt burdens, and extend the maturity profile of public debt.
