Kouchouk: Egypt Aims to Maintain Primary Surplus of 3.5%

The new Egyptian Minister of Finance Kouchouk emphasized laying the foundations for economic stability and building a more flexible and sustainable economic future that is also more capable of achieving economic and development goals, improving the standard of living of citizens and improving the services provided to them.

Kojak pointed out in a statement on Wednesday that financial policies translate the presidential priorities and the Egyptian government’s work program during the next phase.

The new Minister of Finance said that, in implementation of presidential mandates, we will do everything in our power to ease the living burdens on citizens during the actual implementation of the state’s general budget in the new fiscal year, as we work to expand social protection with more targeted programs for those eligible for support in the face of inflation.

Kajouk added that the path of structural reform of the Egyptian economy will be continued to stimulate the growth of the private sector and increase its contribution and role in economic activity as the engine of comprehensive and sustainable development. We are working to advance initiatives to encourage production and export, maximize the local component in the industry, and enhance the competitiveness of Egyptian products.

The new Minister of Finance indicated that building the Egyptian human being is a top priority for public spending, especially in the fields of health and education, which contributes to achieving human development, as it is an essential pillar for progress, development and the advancement of various other development sectors.

Kajok explained that we are committed to flexible management of the economic risks resulting from global and regional crises in real time... in order to contain external and internal shocks and limit their effects and repercussions on the Egyptian economy, and citizens as well.

The new Minister of Finance confirmed that we are committed during the current fiscal year to achieving financial discipline by maintaining a large primary surplus of 3.5% of GDP, and putting debt and deficit rates on a sustainable downward path, taking into account setting a debt ceiling that does not exceed 88.2% in the current fiscal year.