Egypt will have 'fresh economic face' by end of FY2021/22: Finance minister

Doaa A.Moneim , Tuesday 9 Nov 2021

Egypt will have a “fresh economic face” by the end of FY2021/2022, where all ongoing projects to modernise and automate tax and customs systems will be completed and AI technologies will be integrated into government operations, Minister of Finance Mohamed Maait said on Tuesday.

Mohamed Maait
Minister of Finance Mohamed Maait speaking during a seminar organized by the Egyptian Businessmen Association (EBA) on Tuesday 9 November, 2021. Photo courtesy of Al-Ahram.

Maait – who made the statements during a seminar organised by the Egyptian Businessmen Association – also said that the state aims to integrate informal activities in the domestic market, which represent 55 percent of Egypt’s total economy, into the formal economy.

The minister said that the government is acting to improve the investment climate and encourage businesspersons to expand their projects in order to raise the private sector’s contribution in the country’s economy from 30 percent to 50 percent over the coming three years.

“We are also ready to implement any programmes that support industry in Egypt, increase production, enlarge the export base, and raise competitiveness in a way that enhances the country’s macroeconomy and creates more job opportunities,” Maait told the Egyptian businessmen.

In response to the business community’s demands, Maait said that the finance ministry has launched the fourth phase of the instant cash repayment system for exporters, which allows them to obtain their dues from the Export Support Fund in order to provide the required cash liquidity to continue the production cycle.

On the macroeconomic level, the minister expounded that Egypt was one of the top countries globally in terms of lowering the public debt-to-GDP ratio by 20 percent during the three years prior to the pandemic, recording 87.5 percent in FY2019/2020, down from 108 percent in FY2016/2017.

Maait said that the government is adopting a medium-term strategy to continue the public debt downturn and bring it to 32 percent by the end of FY2021/22.

During the event, the president of the American Chamber of Commerce in Egypt Tarek Tawfik said that Egypt’s government looks at the private sector as partner of success, and that there is significant willingness by US businesspersons to tap the investment opportunities in Egypt and benefit from its stimulating business atmosphere.

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