Finance MIn.: Egypt Achieves Highest Primary Surplus of 3.1%

Minister of Finance Ahmed Kouchouk affirmed that the Egyptian economy is developing for the better with positive and ambitious indicators. 

During his meeting with Nigel Clark, Deputy Managing Director of the International Monetary Fund (IMF), during his first visit to Egypt, Kouchouk stated that we achieved the highest primary surplus during the period from July to April, at 3.1% of GDP. 

He explained that the strong financial performance over the past ten months is driving us to continue the path of economic reform within the framework of a comprehensive and integrated national program.

He noted that we are adopting an advanced approach to managing fiscal policies to stimulate economic activity with more stimulating and effective initiatives.

He added that efforts to empower the private sector have begun to bear fruit, with the sector accounting for 60% of total investments during the first half of the current fiscal year. 

The minister explained that we expect a strong return from the positive momentum of the tax concessions package to stimulate efforts to expand the tax base. Tax reform is based on building trust with taxpayers within a framework of partnership and strong support for the business community.