Business Hub _ London 
Dr. Mohamed Maait, Minister of Finance, confirmed, that Egypt opens its doors to foreign investors; With the incentives it provides, making the investment environment more attractive to the business community, Whether by developing the legislative structure or the infrastructure, or facilitating procedures along with the modernization and automation of the tax and customs systems, He explained that the economic situation in Egypt is reassuring. In the light of an exceptionally turbulent global scene In an exceptionally turbulent global scene, The challenges of the Ukrainian crisis are intertwined with the repercussions of the Corona pandemic that preceded it. And the sharp inflationary wave that coincided with them. an increase in the prices of goods and services; As a result of increased shipping costs, supply chain disruptions, And that the financial performance indicators show that we are proceeding at a steady pace in achieving the goals with ambitious programmes, In a way that reflects the ability of the Egyptian economy to deal positively and resiliently with global shocks.
Economic reform has raised the resilience of the Egyptian economy in the face of crises and has the ability to finance broader economic activity and social protection
The minister said, In a round table with a number of investors and representatives of “HSBC” during its participation in the work of the “BEBA” trade mission in London, Economic reform has made the Egyptian economy more solid and coherent in facing internal and external challenges. Where we have achieved economic gains that created a financial space that gave us the ability to finance a package supporting economic activity and social protection; in order to mitigate the crisis, As embodied in the professional management of the emerging markets crisis in 2018, Corona pandemic 2020, and contain their negative effects.
We have never stood idly by in the face of the current economic challenges and managed “risks” with balance
Minister added, that we have never stood idly by in the face of global crises, including the current economic challenges, Rather, we move quickly to manage risks with a well-thought-out and balanced methodology that enables us to absorb internal and external shocks, We have started implementing the economic recovery plan from the Ukrainian crisis, By working to increase the participation of the private sector to 65% of the total investments implemented over the next three years, By launching a package of various incentives, including the state ownership policy document, Which is a national strategy to deepen the participation of the private sector in economic activity, In a number of state-owned assets, It represents a message of reassurance to local and foreign investors. It enhances the confidence of international institutions in the Egyptian economy.
The economic situation in Egypt is reassuring in the midst of an exceptionally turbulent global scene
Minister indicated, The financial performance during the past nine months witnessed a significant improvement compared to the same period of the last fiscal year, Despite the significant increase in expenditures to provide for all the needs of the state sectors, The annual growth in spending on health was 24%, Increasing government investments, including allocating EGP 80 billion to the presidential initiative for the development of the Egyptian countryside, “A Dignified Life,” And the provision of 16 billion pounds for cash support under the “Solidarity and Dignity” initiative. With an annual growth rate of 23%, In addition to paying EGP 135 billion dues to the Insurance and Pension Fund, And subsidizing food commodities with 50 billion pounds.
The Minister confirmed, We are working during the new fiscal year 2022/2023, to achieve ambitious goals, In light of the unprecedented global challenges, The total revenue targeted in the new budget project is 1.5 trillion and 18 billion pounds. While the total expected expenditures amount to 2 trillion and 71 billion pounds.
Minister added, We aim to record a first surplus of 132 billion pounds, at a rate of 1.5 percent. And reduce the total deficit to 6.1% of GDP, Compared to a total deficit of 12.5% at the end of June 2016, And put the debt rate on a sustainable downward path to reach less than 75% of GDP over the next four years, We aim to reduce the debt rate to 84% of GDP, compared to 103% at the end of June 2016. Reducing the debt service ratio to 7.6% of GDP, and 33.3% of budget expenditures, With diversification of funding sources to reduce the cost of development, extending the life of the debt, He explained that we aim to lay the foundations for a suitable environment for a rapid economic recovery from the current global crisis. To ensure the completion of the construction and development process and the improvement of citizens’ lives, The draft of the new budget included allocating 376 billion pounds for public investments, with an annual growth rate of 9.6%, to improve services provided to citizens and create more job opportunities, especially for young people. With the increase of environmentally friendly projects to 50%
