Finance Minister: Egypt Cuts External Debt of Budgetary Bodies by $4 Billion

Egypt’s Minister of Finance, Ahmed Kojak, announced that the government has reduced the external debt of budget-dependent entities by approximately $4 billion, as part of its ongoing debt-management strategy. He noted that Egypt has also succeeded in lowering the debt-to-GDP ratio by 10% over the past two years.

The remarks came during a meeting chaired by Prime Minister Mostafa Madbouly at the government headquarters in the New Administrative Capital. The meeting was attended by Sherif El-Kilany, Deputy Minister of Finance for Tax Policies, and Ahmed Oweiy, Head of the Customs Authority, to follow up on key files handled by the Ministry of Finance.

During the briefing, Kojak reviewed Egypt’s latest financial and economic performance indicators, along with efforts to restore investor confidence within an integrated economic framework aimed at boosting the country’s competitiveness.

Kojak highlighted that economic activity is moving in a positive direction, with private-sector investments rising by 73% during the last fiscal year. He added that Egypt now has “balanced and encouraging indicators” that further strengthen investor confidence and support the government’s commitment to achieving a strong primary surplus. This surplus, he said, allows for increased investment in human development, social protection programmes, and initiatives that stimulate manufacturing and exports.

The minister also pointed to strong private-sector confidence in Egypt’s investment climate, reflected in major deals such as the Ras El-Hekma and Alam El-Roum projects. These transactions, he said, reaffirm that Egypt’s economy remains competitive and attractive to global investors.

Kojak further outlined progress on completing Egypt’s investment-friendly tax reform agenda under the “Trust Partnership” framework with the business community. He highlighted the success of the first package of tax facilitation measures, describing it as a positive signal of strong cooperation and constructive response from the country’s taxpayers. He confirmed that the Ministry is currently finalising the second phase of the tax-facilitation package.