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The electronic management will be handled via a nationwide network of logistics centres, some of which have already begun operating in Cairo, West and East Port Said, and Ain Sokhna. Further logistics centres are scheduled to commence operations in Alexandria by the end of this month, Damietta in November, and Dekheila city in January.
The performance was outlined in detail in the Financial Monitor and Outlook for the World Economy Report for October 2020, issued last Thursday. The report reflected the positive results of Egypt’s successful experience in economic reform, which remains highly praised by international institutions.
Government continues to implement integrated package of structural reforms to strengthen country’s macroeconomic structure, says Egypt’s Finance Minister
Minister of Finance Mohamed Maait said the country had achieved a primary surplus of 1.8% of GDP during the fiscal year. He added that this was “a very good result amid the exceptional circumstances of the novel coronavirus (COVID-19) pandemic.”
Fitch Ratings placed Egypt’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘B+’ with stable outlook
Additional EGP 7bn allocated to support Egypt’s exports in FY 2020/21 budget, says Maait
Ration card holders will receive 10% discount with state treasury to bear EGP 12bn cost, says Maait
Ministries of health and interior have been given top priority, in appreciation of their roles in combating COVID-19
Maait issues decision to establish unit to follow up on tax collection for T-Bill and bond returns
Total of EGP 63bn used to support health sector, groups most affected since pandemic’s beginning
Automation of tax and customs systems to be accelerated to stimulate production, says Maait
Finance Ministry to provide EGP 3bn as guarantee for bank loans to tourist, hotel establishments at 5% annual interest
Export Development Fund disburses EGP 2.133bn in export subsidies from January to April
Any potential postponement of financial obligations, however, must be through regional and international movements, and Egypt is willing to support such efforts, Moeit explained.
Economic authorities’ excesses have been resolved, improved governance achieved
In a statement, Thursday, Maait said that in implementing the directives, an additional EGP 2bn will also be made available between now and June, to pay delayed dues to exporters
State employees’ wages to increase by 11.3%: Finance Minister
Egypt is first in emerging countries for debt reduction, second in budget surplus
Moeit added during his meeting with the leaders of the Egyptian Tax Authority that the authority should set a strong foundation of trust with taxpayers and provide all the necessary facilities to stimulate the investment environment.
The Minister of Finance emphasised that Egypt’s current situation and debt level are within the safe zone, in comparison to various emerging markets, “which reflected positively on the government’s ability to pay the costs of its debts regularly, indicating the state’s commitment to its pledges.”
Under this agreement, the government is committed to paying 20% of the dues before the month’s end, 20% during the first quarter of the next fiscal year, and the rest over three years.
This aims to ensure the sustainability of the quality of performance, speed, and accuracy of delivery in a manner that reduces the customs release time and costs of clearance. It also targets improving Egypt’s ranking in the World Bank’s “Logistics Performance Index” which will coincide with better facilitating cross-border trade.
Automotive, SCZone investments top priority for discussions, says Nosseir
‘We will join the Morgan Stanley index for the emerging market very soon,’ says Moeit
Digital transformation is one of the pillars that promote the economic GDP growth, says finance minister Moeit
The conference will also feature financial sector leaders from across the world, delivering their views on the digital transformation taking place in the financial industries in Egypt and globally.
Country’s non-oil exports record $13.037bn in 1H19, says GOEIC
Non-sovereign bodies taxes reach EGP 517bn, representing 9.9% of GDP
Moeit’s statements came during a press conference for the development of the Tax Authority, where he pointed out that the government is working to develop and restructure of the authority as it contributes more than 75% of the country’s total revenues.
Egypt’s fiscal policy aims to raise the GDP growth rate to 6% in the next fiscal year (FY) 2019/20, after the recent increase of 5.5%, Minister of Finance Mohamed Moeit said on Saturday. Moiet explained that the economic reforms implemented since 2016 allowed the country to overcome various economic difficulties, and set the national economy …