Egyptian Minister of Finance to the IMF: We are working to expand the tax base

Egypt – Egyptian Finance Minister Mohamed Maait confirmed that Egypt is working to implement financial policies that are more stimulating for investment, production, export, and economic stability.

He pointed out that the country’s plan is consistent and integrated with the efforts aimed at restoring the national economy, with its various components and activities, to the right track, in a way that supports the strategy, programs, measures and procedures for mobilizing domestic resources, to maintain achieving a primary surplus while fully adhering to the requirements of financial discipline, and setting budget deficit rates and debt to the gross domestic product. The total is on a sustainable downward trajectory.

He pointed out that the plan is committed to reducing pressures on the state’s public finances, and creating savings and financial spaces through which the government can move further to expand the social protection network most targeted to the groups most cared for, in addition to enhancing support for middle- and low-income families, in the face of the negative effects of global economic challenges. .

The minister said during his meeting with the team of the International Monetary Fund’s Financial Affairs Department on the sidelines of the spring meetings of the International Monetary Fund and the World Bank in Washington: “Egypt is working to expand the tax base, by maximizing efforts to integrate the informal economy, in a way that contributes to revealing the true size of the Egyptian economy, and is consistent with… Measures to enhance competitiveness and attract more private investments, in order to enable the private sector to carry out its assigned role, as the engine of development, growth and employment by providing one million job opportunities annually.”

He added: “Automated systems help enhance the wisdom of the economic activity department,” pointing out that “digital transformation enables us to raise the efficiency of tax and customs administration and increase revenues without adding burdens on citizens and investors.”

Source: RT