17 January 2019 09:25 AM

Finance Minister reviews economic reforms with international officials

Saturday، 21 April 2018 - 02:02 PM

Minister of Finance Amr el Garhy attended a number of meetings on the sidelines of his participation in the Spring Meetings of the World Bank and the International Monetary Fund in Washington DC.

Garhy held talks with top international investors during a meeting organized by financial institutions and world investment banks, the Ministry of Finance said in a statement Friday 20/04/2018.

The minister also participated in another meeting with officials from leading rating agencies, including Moody's, Standard & Poor's and Fitch Ratings.

During the meetings, Garhy affirmed Egypt’s full commitment to continuing its economic reform program, which he said has exceeded expectations in its first and second phases that lasted for 18 months.

The Egyptian government targets an increase in tax revenues by 23 percent in the 2018/2019 budget, he said, noting that this surge is expected to rise the tax share in the gross domestic product (GDP) by 0.5 percent.

Meanwhile, Garhy said the initial public offerings (IPOs) program is part of government economic reforms that aim to offer stakes of 23 public companies at Egypt’s stock exchange within 24 months.

The government also seeks to reduce the budget deficit to 4 percent of GDP by 2022, which will in turn decrease Egypt’s public debt to 75 percent of GDP, the minister indicated.


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