Egypt Stresses Need to Provide Necessary Financing to Enhance Capacity of Developing Countries

Ahmed kachouck, Minister of Finance, stressed the need to provide the necessary development funding to enhance the capacity of developing and African countries to achieve economic goals.

In his meeting with the delegation of Standard Chartered Bank, on the sidelines of the spring meetings of the IMF and the World Bank in Washington, the minister said that innovative, affordable and low-cost financing mechanisms should be found to support emerging economies in light of the current global challenges.

The minister added that the state adopts an ambitious vision aimed at continuing to strengthen the process of financial discipline by completing economic and structural reforms, and that we are working to maximize investment returns with stimulating initiatives and easy tax and customs systems that support the business climate.

He explained that the results of the past nine months reflect the ability of the Egyptian state to achieve its economic and financial targets, as we achieved an initial surplus of 2.5% of GDP, and the total deficit fell to 6.3%.