20 February 2020 12:51 PM

Finance min.: Egypt proceeds with second phase of economic reform program

Friday، 14 February 2020 - 11:20 AM

Finance Minister Mohamed Maait has said that Egypt is proceeding with the second phase of the economic reform program.

This phase focuses on going ahead with structural reforms to strengthen the competitiveness of the national economy and achieve inclusive growth in cooperation with the private sector in addition to giving more attention to the sector of manufacturing, Maait added.

The finance minister made the remarks during his participation in an event held on the sidelines of the fourth edition of Egypt Petroleum Show (EGYPS 2020), which kicked off on Tuesday under the sponsorship of President Abdel Fattah El Sisi.

He went on to say that the government attaches great importance to simplifying the business climate, in a way that gives more space to the private sector to participate in the development of main sectors.

In this regard, Maait referred to several newly-introduced legislation, including the new investment law and the bankruptcy law, as well as the industrial licensing law.

He asserted that the Finance Ministry is pressing ahead with the national project to automate the tax system.

Maait noted that the government is seeking to introduce a simplified and developed tax system for small and medium enterprises, as well as applying the electronic payment of government services.

The government is working to bolster human capital, through implementing the comprehensive health insurance system, reforming the education system, and moving forward with administrative reforms, the minister said.

The government succeeded in luring investments into the oil sector, which greatly contributed to raising the country's production of natural gas, which hit 7.2 million cubic meters a day by January 2020.


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