The Ministry of Finance completed a report on the latest developments of Egypt’s economic situation and fiscal policies throughout 2016, which will be presented to Prime Minister Sherif Ismail, according to minister Amr El-Garhy.
He explained that the report presents nine pillars on which the ministry had based its actions in 2016. The first is the reform of fiscal policies management, as well as the coordination between fiscal and monetary policies efforts. The second pillar addresses legislative reforms, whether through the introduction of new laws, such as ending the Tax Dispute Act, or modifying existing laws, such as shifting to the value-added tax.
The minister said that the third pillar deals with the impact of economic reforms on the international reputation of the Egyptian economy, which saw a marked improvement.
He added that the fourth pillar focused on showing the Ministry of Finance’s efforts to improve the social protection programmes, which represents a major focus in the government’s economic reform program.
The minister pointed out that the fifth pillar deals with engaging with the private sector in national projects, highlighting 12 national projects planned to be implemented in cooperation with the private sector.
He explained that the sixth pillar of the report deals with the attention of the Ministry of Finance to community outreach and the promotion of transparency. The seventh pillar is about the institutional and technical development of the Ministry of Finance.
The focus of the eighth pillar revolved around the efforts of the Ministry of Finance and the positive effects of economic reforms, notably being involved in the meetings of international economic bodies.
He added that the ninth and last pillar addressed the social responsibility of the Ministry of Finance and its efforts in this area, including organising an exhibition of hand-made crafts.
El-Garhy said that the most prominent economic reform included in the report is the Ministry of Finance taking part in the negotiations with the International Monetary Fund during the state’s pursuit of a $12bn loan, as well as imposing the value-added tax.