Egypt achieves remarkable economic growth and attracts foreign investment through transparency and accountability in the 2023-2024 fiscal year

Egypt achieved remarkable economic growth in the fiscal year 2023-2024, with a primary surplus of 3% of GDP totaling 416 billion pounds and an annual growth rate exceeding 8.5 times. Despite the challenges facing the economy, Minister of Finance Mohamed Maait stated that non-tax revenues increased by 123%, while tax revenues surpassed one trillion pounds with a growth rate of 41%. The expansion of mechanization aimed at broadening the tax base and formalizing the informal economy played a significant role in this growth without placing new burdens on citizens or investors.

Maait also announced that Egypt’s total deficit stabilized at 5.4%, despite global and regional crises and the increase in interest rates. Investments funded by the state’s public treasury decreased by 19% to create space for the private sector, which is essential for sustainable economic development. The government’s goal is to reduce the debt service bill to 30% of public expenditures in the medium term, aiming to lower the debt rate to 80% by June 2027. Additionally, Egypt aims to reduce the lifespan of its debt portfolio to just over three years by June 2024, alleviating some of its financing needs.

To attract foreign investment and improve transparency, Maait highlighted his ministry’s efforts in conducting open dialogues with about 2,000 investment institutions worldwide throughout the year. The ministry’s Investor Relations Unit issued a monthly report on economic performance indicators, debt, deficit, and primary surplus rates to provide foreign investors with accurate and up-to-date information on Egypt’s economic situation. This move has helped build trust among foreign investors and boost confidence in Egypt as an attractive destination for investment opportunities.

In conclusion, Egypt’s remarkable economic achievements during fiscal year 2023-2024 are evidence of its commitment towards achieving sustainable economic development while maintaining transparency and accountability towards its citizens and foreign investors alike.