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Linking all Egyptian ports to electronic platform to simplify procedures, reduce cost of goods, and reduce customs clearance time to less than three days, says Mohamed Maait
“The growth could be coming from many promising sectors which we are focusing on, the foremost of which is the construction sector, which I believe is still giving us good outcome,” Maait said.
S&P credit rating of Egypt reflects global confidence in Egyptian economy’s stability, says Finance Minister
During his meeting with the Swiss Ambassador in Cairo Paul Garnier on Thursday, Maait affirmed that the government is continuing with structural reforms in a way that makes it more capable of positively dealing with internal and external challenges.
The initiative has been designed to provide exporters with cash liquidity required to fulfil their obligations and preserve employment.
Government is continuing with structural reforms to attract more investments, says Finance Minister
Maait’s remarks came during an inspection tour, on Sunday, of customs service’s logistics centres at Cairo Airport and in Ain Sokhna.
The decision was announced by Mohamed Khamis Shaaban, Secretary-General of the Egyptian Federation of Investors Associations (EFIA), following his meeting with Maait last Wednesday.
Maait indicated that the government is keen to modernise and automate Egypt’s tax and customs systems, to simplify procedures and facilitate business activities.
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.
In a Sunday statement, Maait said that Egypt was able to reduce its deficit–to-GDP ratio to 7.9% in FY 2019/20, compared to the 8.2% recorded in FY 2018/19. The country also achieved a primary surplus of 1.8% at the end of June 2020, despite the negative repercussions of the coronavirus pandemic.
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.
Country is only MEA region economy to retain confidence of all global evaluation institutions during one of most difficult periods in global economy
The payments commenced following the ministry’s signing of the tangle-breaking agreement with the Ministry of Social Solidarity, to repay the debt owed to insurance funds accumulated over 50 years.
Maait explained that Egypt has a portfolio of eligible green projects worth $1.9bn, of which 16% are in the field of renewable energy. A further 19% are in clean transportation, 26% in sustainable water and sanitation management, and 39% in pollution reduction and control.
This would ensure the improved handling of containers left at customs points in Egypt in a manner that prevents their accumulation in ports and warehouses.
Customs amendments cover some industrial components, mass transit vehicles, and renewable energy, says Mohamed Maait
Government continues to implement integrated package of structural reforms to strengthen country’s macroeconomic structure, says Egypt’s Finance Minister
Allocations for education sector have been increased to 6% of GDP, says Finance Minister
First tranche of subsidy arrears worth EGP 400m to be paid to export companies next month
He explained that the positive indicators of the Egyptian economy in Moody’s report reflect the strength of institutional performance and governance, and the state’s ability to fulfill its external obligations, especially in light of the government’s success in diversifying sources of financing.
Parliament proposes amending tax exemption on returns from government debt in which NOSI invests to 50%-65%
Additional appropriation has contributed to significantly reduce debt service for current, coming FYs
The finance aims to enable public entities to fulfil their commodity and service obligations towards citizens
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
Incentives help accelerate collection of state’s overdue debts, maximise its ability to provide public services during pandemic, says Maait
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