Alexandria: Finance Minister Ahmed Kouchouk said the government is making tangible progress in reducing public budget-sector debt under a disciplined approach, backed by a strong political will. Speaking at a discussion session at the Bibliotheca Alexandrina, Kouchouk noted that budget-sector debt fell to 84% of GDP from 96% over the past two years, while external debt declined by about $4 billion, indicating that Egypt repaid more than it borrowed. He contrasted this with emerging markets, where debt levels rose by 6.5% over the same period.

According to State Information Service Egypt, Kouchouk emphasized that the economy is improving and that fiscal policy will remain balanced, continuing to offer facilitation measures without imposing new burdens on investors or citizens. He highlighted that exports of goods and services are the main engine of growth, with a 73% rise in private sector investment in the last fiscal year.

The minister also reported a 35% increase in tax revenues, approximately EGP 600 billion, achieved without introducing new taxes. This growth was attributed to reforms and simplification measures. Kouchouk announced further tax incentives, including a reduction in VAT on medical devices and continued support for small taxpayers.

Officials attending the event echoed the minister’s sentiments, stating that recent fiscal reforms are strengthening confidence in the Egyptian economy, supporting growth, exports, and improved living standards.