“Finance”: We recorded the highest growth rate since 2008, at 6.6% of GDP
Minister of Finance Mohamed Maait stated that at the end of June 2022, Egypt succeeded in recording the highest growth rate since 2008 at 6.6% of GDP, and achieved a primary surplus for the fifth consecutive year at 1.3% of GDP instead of an initial deficit that lasted for more than 20 years, and amounted to about 3.9% in the fiscal year 2013/2014, while the budget deficit decreased from 13% in the fiscal year 2012/2013 to 6.1%, and the debt rate was reduced from 1.3% in June 2016 to 87.2% at the end of the last fiscal year.The minister added in a statement that we are able to overcome the current global challenges resulting from the war in Europe, disruption in supply and supply chains, the unprecedented rise in freight costs, and the prices of goods and services, pointing out that we continue to continue the economic recovery as a result of the huge development efforts made by the government. , including making the economy more able to deal positively and resilient with internal and external shocks. In his meeting with the Swedish Ambassador, Hokan Emsjord in Cairo, and some representatives of Swedish companies in Egypt, the Minister stressed that we are keen to create an attractive and stimulating business environment for the private sector to enhance its contributions to development processes in a way that contributes to providing more job opportunities, pointing out that the economic conference, planned Held, it is considered a national platform for dialogue on the priorities that stimulate local and foreign investments to enable us to achieve economic and development goals. The minister indicated that we aim to enhance joint cooperation and increase Swedish investments in Egypt in various promising sectors, which will contribute to deepening local production and maximizing export capabilities. The Swedish Ambassador to Cairo, Hokan Emsjord, said that we are confident in the ability of the Egyptian economy to overcome the consequences of the global economic crisis, which all countries are suffering from, including the developed countries, especially in light of the economic reforms that Egypt is witnessing, explaining his country’s keenness to strengthen economic and investment relations with Egypt and expanding means of joint cooperation in various fields. He praised the Egyptian efforts in developing and mechanizing the tax and customs systems in a way that contributed to facilitating Swedish companies in Egypt, simplifying and digitizing procedures, and facilitating the movement of trade between the two countries.
