Cairo – Mubasher: Egypt's Minister of Finance, Mohamed Maait, said his country’s economy has become more attractive for foreign investments, thanks to the excellent implementation of the economic reform programme.
Initial figures for fiscal year (FY) ended 30 June 2022 were good. The Arab world's most populous nation managed to shift its budget’s initial deficit, which continued for more than 21 running years, to an initial surplus of 1.30% in June 2022 for the fifth year in a row.
The country also registered a growth rate of 6.60%, the highest since 2008. Moreover, the budget deficit to the gross domestic product (GDP) recorded 6.10%. The debt-to-GDP ratio went down to 87.20% and is planned to reach 75% by 2026.
During his meeting with Singapore's Ambassador to Egypt, Dominic Goh, Maait said Egypt is keen to enhance bilateral cooperation and exchange knowledge in port management and custom system development.
In addition, he revealed that an open dialogue with representatives of Egypt-based Singaporean companies will be held with the aim of encouraging and developing Singapore’s investments across all economic sectors.
The step reflects Egypt’s keenness to attract additional local and foreign investments and dismantle obstacles faced by the business community.
