Tuesday 15/April/2025 – 12:39 PM
Ahmed Kajuk, Minister of Finance, stressed, in reassuring messages to the House of Representatives, that all indicators of financial and economic performance have improved strongly during the past nine months as a result of the improvement of economic conditions and building confidence with partners from the business community and financiers, explaining: We have achieved the highest primary surplus of 435 billion pounds and at 2.5% of the domestic product despite the decline in the revenues of the Suez Canal and the oil sector, where we lost 110 billion pounds of channel revenues Suez, and we bore 150 billion pounds, an additional support for the energy sector.
The minister added in the House of Representatives during the delivery of the financial statement of the new budget project for the year 2025/2026, which raises the slogan: the budget for growth, stability and partnership with the business community: We achieved during the period from July to March last growth in public revenues by about 32% and the expenses 24%, and we recorded the highest tax revenues in years worth 1.4 trillion pounds and 38% without imposing new burdens, but rather on the contrary We relied on simplification, facilitation, mechanization and expansion of the tax base through partnership with the business community.
Confidence with the financiers of tax and customs facilities
Kjok stressed: We are working to improve the investment climate by extending bridges of confidence with financiers with tax and customs facilities, pointing to the stability of the percentage of expenses for local product during the period from July to March at the same level as the previous public investigator and the deficit declined to 6.3% of the local product.
He pointed out that the net foreign exchange reserves amounted to 47.7 billion dollars, and the inflation rate decreased from 333.3%in March 2024 to 13.6%in March, adding that the private sector acquired 59%of the total investments during the first half of the current fiscal year with an annual growth rate of 80%, and the tourism sectors witnessed during the first half a strong growth of 13.1%and the non -oil manufacturing industries With a rate of 12.4%, communications and information technology 15.1%.
He said that the average increase in spending on the health sector during the past nine months amounted to 27% and in education 23%, pointing out that 95 billion pounds have been spent for food commodities with an annual growth of 37% and 30 billion pounds for social security takaful and dignity, an increase of 24% and 11 billion pounds for treatment at the expense of the state at an annual growth rate of 35% and 8 billion pounds to support industrial production with a growth of 128% and 7 billion to stimulate exports with an increase of 78%.
The minister added that the volume of the external debt of the budget agencies has decreased by one billion dollars during the past eight months, explaining that the start of the return of foreign investors’ confidence helped to prolong Omar al -Din to 1.8 years in December 2024
