Egypt’s Prime Minister, Mostafa Madbouly, has reaffirmed the government’s commitment to fostering economic growth by introducing new investment incentives, while ruling out any new taxes. In a recent meeting with the heads of specialized parliamentary committees, Madbouly emphasized that the government’s focus would remain on stimulating investment rather than imposing additional financial burdens on citizens.
“The government has no intention of raising taxes,” Madbouly stated, underscoring that the newly introduced tax incentives are part of a broader strategy to boost investment and support economic development. The Prime Minister acknowledged the challenges posed by Egypt’s ongoing economic reform agenda but reassured the public that these efforts would be balanced with social protection measures to support vulnerable groups in society.
Madbouly also highlighted the recent visit of Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), to Egypt. He noted Georgieva’s recognition of the extraordinary global challenges facing governments, particularly in the Middle East. The IMF chief praised Egypt’s collaborative efforts with the Central Bank of Egypt, which have helped stabilize the exchange rate and reduce inflation. She further emphasized the need to maintain momentum on economic reforms in the face of global uncertainties.
Turning to domestic issues, the Prime Minister addressed Egypt’s electricity load management challenges, noting a significant 12% rise in electricity consumption this past summer compared to the previous year. He explained that increased demand, driven by ongoing developmental projects, has been managed through strategic coordination with the Central Bank of Egypt.
In his remarks, Madbouly reiterated that the government’s economic reforms are designed to avoid additional financial burdens on the Egyptian public. Instead, the government is prioritizing the improvement of essential services and infrastructure, including efforts to better manage energy consumption.
Additionally, Madbouly announced that the ministerial group tasked with industrial development has been given full mandate to take decisive actions aimed at boosting the industrial sector. This includes steps to increase production and reinforce the government’s long-term commitment to sustainable economic progress.
