Ahmed Kajuk, Minister of Finance, at the first press conference on the results of the financial performance of the year 2023/2024

The Priority is improving services for citizens "as we can" and we work with every effort "so that what comes is better"

The Egyptian people are the real owner of the budget and we will work with every effort to maximize the resources to create a sufficient financial space to spend on the areas of human development and everything that matters to citizens

Budget numbers, no matter how improved, will be meaningless if they are not reflected in improving the performance of the economy, the competitiveness of the business community, and improving the standard of living

The challenges are difficult for people, economics, government ... and the state "trying to bear the greatest burden"

500 billion pounds for the first and second stages of the national project "Haya karema" to improve the life of half of the Egyptians.

We did not impose new taxes last year and "which we achieved in tax revenues, with an increase of 30 %", which we spent on health, education and social protection programs.

Achieving a growth rate of revenue is 60 % and more than the growth rate of expenses.

Non -tax revenues increased by 190 % as a result of diversification of state resources sources, the most important of which is the treasury obtaining 50 % of the "Ras Al -Hikma" deal.

We will arrange our priorities again ... so that public spending is more observing the social dimension in order to contain the impact of economic reforms

25 % increase in spending on education, 24 % in health and 20 % for the social protection sector, and beyond the growth rate of expenses without the debt service, which amounted to less than 18 %.

Support allocations and social protection increased by more than twice and reached 550 billion pounds compared to 2020/2021.

"Despite every need" .. Supporting petroleum products exceeded 165 billion pounds .. Supporting food commodities has increased to more than 133 billion pounds .. and pensions of "takafol and Karama" exceed 35 billion pounds.

We paid the dues of the Social Insurance and Pensions Fund at about 185 billion pounds, bringing the total of what we paid 913.2 billion pounds until the end of June 2024

We continued the initiatives to encourage investment and support economic activities despite the global, regional and local challenges

12.9 billion pounds in support of exports and about 11 billion pounds in support of industrial production, with an increase of only one billion

Supporting health insurance and medicines for those who are unable in one year, rose from 1.9 billion pounds to 3.4 billion pounds.

10.2 billion pounds in support of the social housing program for low -income people and 3.5 billion pounds to connect natural gas services to homes

Increase transport and transfer allocations to 8.1 billion pounds to provide passenger transport service at less than their economic cost as much as possible

We handed over more than 28,000 new cars to citizens at the presidential initiative to replace vehicles with a green incentive exceeding 718 million pounds

65 billion pounds are the total value of export support is already paid from the budget for more than 3,000 companies since October 2019 until now

2527 investors benefited from the initiative to support the productive sectors at about 80 billion pounds, and the treasury bore the interest rate difference

"we know where are the problems, and we work on them" and our financial policies will support the most human development, production and export

The debt service bill is still high due to high inflation and interest rates .. We aim to go down to 35 % of the total expenses on the Medium term.

 
Public investment has declined and we are working hard to increase the volume of private investments with a focus on investments directed to industry and export, and «we still need more work» to increase the contributions of the private sector to the economic activity.

We managed to rationalize the spending by 2.2 % of the domestic product, reduced the budget deficit to 3.6 %, and we achieved a preliminary surplus of 6.1 %, including the returns of "Ras Al Hikma".

We will make a greater effort to reduce the debt rate and we have an integrated program to reduce government debt in the medium term

We are working to reduce the cost of debt, diversify the base of investors, currencies and markets, and extend the age of debt in order to enhance the "confidence" of the Egyptian economy.

Simplified mechanisms for the settlement of disputes .. and The tax neutrality helps in attracting more investments in economic activities.

The comprehensive digital transformation of the tax administration began to help us expand the tax base and include new financiers

The internal debt rate for the budgets decreased by 4.7 % of the domestic product, despite the difficulty of economic conditions

We aim to maintain an annual preliminary surplus of the debt rate of the local product to less than 85 % at the end of the next fiscal year

The external debt balance of the budgets decreased by more than 3.5 billion dollars at the end of June 2024, with a rate of more than 4 % compared to June 2023

12.7 years are average age of the external debt of the budgets with the end of June 2024.

We started to restore investor confidence .. and we are continuing to target the entry of new markets, pay the benefits and restore Egypt's credit assessment of the positive path

The cost of debt began to decline in Egyptian sovereign international issuances.

International bond returns in the secondary market decreased 6 % for 3 years and 3.1 % for 5 years compared to their prices last February

The rates of insurance against the risk of payment for five and ten years have declined 224 and 168 points, respectively.

We released Chinese panda bonds and Japanese samurai bonds at a very low cost.

Activating the government stock market and mechanization and developing financial and tax settlement systems

Focusing on the issuance of changable returns to attract a new base of investors in government debt tools

Ahmed Kajuk, Minister of Finance, announced, in the first press conference, after assuming responsibility, the results of the financial performance for the year 2023/2024, saying: “The priority .. Improving services for citizens as we can ... and we work with every effort so that what comes is better .. the Egyptian people is the real owner of the budget and we will also work with every effort to maximize the resources to create a sufficient financial space to spend on the areas of human development and everything that matters to citizens, explaining that the budget numbers, no matter how improved, will be meaningless .. If they are not reflected in improving the performance of the economy, the competitiveness of the business community and improving the standard of living.

The minister said that, the challenges are difficult for people, economics, and government ... and the state "trying to bear the greatest burden", pointing out that there are 500 billion pounds for the first and second stages of the national project "Haya karema" to improve the lives of half of the Egyptians, and to improve the level of services provided to them.

The minister added: We did not impose new taxes last year ... and what we achieved in tax revenues, increasing 30 %, which we spent on health, education and social protection programs," explaining that a growth rate of revenue was achieved of 60 % and more than the growth rate of expenses, Non -tax revenues increased by 190 % due to the diversification of state resources sources, the most important of which is the treasury obtaining 50 % of the "Ras Al -Hikma" deal.

The minister pointed out that we will arrange our priorities again ... so that public spending is more observance of the social dimension in order to contain the impact of economic reforms, pointing out that the amount of spending on education has increased during the past fiscal year by 25 % ؜, and the health sector by 24 % ؜ The social protection sector by 20 % ؜ exceeding the growth rate of expenses without the debt service, which reached less than 18.

The minister explained that the allocations for support and social protection increased by more than twice and reached 550 billion pounds compared to 2020/2021, and “despite every need” .. Support of petroleum products exceeded 165 billion pounds .. Supporting food commodities increased to more than 133 billion pounds. . Pensions "Takaful and karama" exceeded 35 billion pounds, and we have paid the dues of the Social Insurance Fund with about 185 billion pounds, bringing the total of what we paid 913.2 billion pounds until the end of June 2024.

The Minister affirmed that we continued the initiatives to encourage investment and support economic activities despite the global, regional and local challenges, and the support for stimulating exports amounted to 12.9 billion pounds, bringing the total value of export support that has already paid from the budget for more than 3,000 companies 65 billion pounds since October 2019 until now and the support of industrial production was 11 billion pounds, an increase of only one billion, and the support of health insurance and medicine also increased to those who are unable in one year from 1.9 billion pounds to 3.4 billion pounds, and the support of the social housing program for low -income people reached 10.2 billion pounds and there are 3.5 billion pounds to connect natural gas services to homes, and Transport allocations have been increased to EGP 8.1 billion to provide passenger transport service at less than its economic cost as much as possible.

The minister said: 2527 investors benefited from the initiative to support the productive sectors by about 80 billion pounds. and the treasury bore the interest rate difference, pointing out that we handed over more than 28 thousand new cars to citizens in the presidential initiative to replace vehicles with a green incentive exceeding 718 million pounds.

The minister added: “knowing the problems where .. and working on it” .. and our financial policies will support the most human development, production and export, explaining that the debt service bill is still high due to the high inflation and interest rates .. and we aim to go down to 35 % of the total expenses in the medium term.

The minister stressed that public investments have declined .. and we work with every effort to increase the volume of private investments with a focus on the investments directed to the industry and export, and "we are still in need of jobs" to increase contributions of the private sector in the economic activity, explaining that We were able to rationalize spending by 2.2% of GDP, reducing the budget deficit to 3.6% and achieve a primary surplus of 6.1%, including the revenues of "Ras Al-Hikma" deal.

Public investment has declined and we are working hard to increase the volume of private investments with a focus on investments directed to industry and export, and «we still need more work» to increase the contributions of the private sector to the economic activity.

We managed to rationalize the spending by 2.2 % of the domestic product, reduced the budget deficit to 3.6 %, and we achieved a preliminary surplus of 6.1 %, including the returns of "Ras Al Hikma".

The minister said: "We will make a greater effort to reduce the debt rate and we have an integrated program to reduce government debt in the medium term and we are working to reduce the cost of debt, diversify the base of investors, currencies and markets, and extend the age of debt in order to enhance the "confidence" of the Egyptian economy, explaining that simplified mechanisms for the settlement of disputes .. and the tax neutrality helps in attracting more investments in economic activities. 

The minister pointed that: "The comprehensive digital transformation of the tax administration began to help us expand the tax base and include new financiers, explaing that the internal debt rate for the budgets decreased by 4.7 % of the domestic product, despite the difficulty of economic conditions, and we aim to maintain an annual preliminary surplus of the debt rate of the local product to less than 85 % at the end of the next fiscal year

The minister explained that the external debt balance of the budgets decreased by more than 3.5 billion dollars at the end of June 2024, with a rate of more than 4 % compared to June 2023, pointing that 12.7 years are average age of the external debt of the budgets with the end of June 2024.

The minister said: "We started to restore investor confidence .. and we are continuing to target the entry of new markets, pay the benefits and restore Egypt's credit assessment of the positive path..and the cost of debt began to decline in Egyptian sovereign international issuances..and international bond returns in the secondary market decreased 6 % for 3 years and 3.1 % for 5 years compared to their prices last February..and the rates of insurance against the risk of payment for five and ten years have declined 224 and 168 points, respectively..and we released Chinese panda bonds and Japanese samurai bonds at a very low cost..Activating the government stock market and mechanization and developing financial and tax settlement systems..with focusing on the issuance of changable returns to attract a new base of investors in government debt tools.