The Egyptian minister of finance said that the results of applying the economic reform programme is very promising, stressing the government’s strong will to achieve high growth rates, and a sustainable economic development.
In a meeting with a number of Egyptian and American investors in Washington, Amr El Garhy indicated that the market is currently more stable, after lifting the hardest burden of freeing exchange rates.
The minister also pointed to the government’s efforts to reduce the social cost of the ongoing economic reforms, after reducing energy subsidies, and the introduction of the 14% value-added tax (VAT).
El Garhy said on Friday that the government aims at cutting budget deficit by 1% to 1.5% annually, in order to reach 4% to 5% by 2022.
Reducing debt and deficit will allow for using more resources in investments and raising growth rates, he added.
The Ministry of Finance (MoF) is currently considering two international bond issuances in 2018, the minister noted, adding that Egypt is targeting foreign direct investments (FDI) of $10 billion this year.