Finance Minister Ahmed Kouchouk said that Egypt is dealing with complex geopolitical repercussions with great balance, within the framework of a comprehensive program to improve economic performance, and looks forward to the approval of the International Monetary Fund's Board of Directors of the third review of Egypt's economic reform program on July 29.
The minister added in a statement on Saturday: "We aim to continue the upcoming reviews successfully, and work on the path to obtaining financing from the Resilience and Sustainability Fund."
The minister explained that the Egyptian government looks forward to the approval of the Fund's Board of Directors for the third review of the Egyptian economic reform program, scheduled to be held on July 29.
During his meeting with the Managing Director of the International Monetary Fund, Kristalina Georgieva, on the sidelines of the G20 meetings in Brazil, Kujuk explained that his country's government is committed to achieving financial discipline in order to put the path of budget agencies' debts to the gross domestic product on a downward path, and aims to create sufficient financial space to allow for increased spending on education, health and social protection. We are also working to reduce inflation rates to ensure price stability to improve citizens' living conditions and support companies' competitiveness.
The minister said that the Egyptian government's priority during the coming period is to increase the volume of private sector investments and push productive and export activities, in addition to developing the business environment to enhance the competitiveness of the Egyptian economy and attract foreign direct investment, while working to simplify procedures related to tax and customs systems to rebuild trust between the business community and the tax administration and improve services provided to financiers, according to the statement.
He stressed the Egyptian government's keenness to push forward structural reforms and enhance private investments in the fields of renewable energy, technology, water desalination and infrastructure, noting that it is working on the consistency of economic policies by setting a ceiling for total public investments, government guarantees and the ratio of government public debt to GDP. The Executive Board of the International Monetary Fund had added a discussion of the third review of the Fund's extended loan program for Egypt, amounting to $8 billion, to its agenda at the meeting scheduled for July 29.
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