Minister of Finance Amr El-Garhy said that the European Union (EU) has offered financial and technical support to Egypt in all fields in order to assist reform efforts and policies adopted by the Egyptian authorities.
On Wednesday, El-Garhy met with a delegation from the European Commission, headed by Christian Danielsson, in the presence of EU ambassador to Egypt Ivan Surkoš.
The minister said the EU praised Egypt’s economic reforms, which have already succeeded in improving the conditions of the Egyptian economy. The delegation also commended the cooperation between Egypt and international funders, including the International Monetary Fund (IMF) and the World Bank.
El-Garhy stressed the importance of Egyptian-European relations, adding that the two sides seek to strengthen their economic and financial cooperation.
He pointed out that the meeting tackled ways of developing bilateral relations between Egypt and the EU, in light of the Egyptian government’s priorities related to its comprehensive economic and social reforms.
The meeting also discussed the ministry’s efforts to develop the financial and tax system of Egypt, by linking the tax performance with the developments of economic activities, as well as developing the tax authority.
The minister reviewed the economic reforms carried out by the Egyptian government, especially in terms of fiscal and monetary policies, which contributed to reducing the primary budget deficit by 50% compared to the previous fiscal year.
There has also been a significant increase in foreign investments, whether in the Egyptian stock market or government debt instruments, similar to 2010. It reflects the growing confidence of international business institutions in the promising growth of the Egyptian economy.
The meeting was also attended by Deputy Minister of Finance for Treasury Affairs Mohamed Moiet, Deputy Minister of Finance for Financial Policy Ahmed Kouchouk, and Deputy Minister of Finance for Tax Policies Amr El-Monayer.