Swedish Finance Minister: We succeeded in achieving the highest growth rate since 2008


Dr. Mohamed Maait, Minister of Finance, said that Egypt is able to overcome the current global challenges resulting from the war in Europe, the disruption in supply and supply chains, and the unprecedented rise in shipping costs, and the prices of goods and services.

The minister added, according to a press statement, today, Friday, that Egypt continues to continue its economic recovery as a result of the huge development efforts made by the government, which made the economy more able to deal positively and resiliently with internal and external shocks, as we succeeded, by the end of June 2022, in recording the highest rate. Growth since 2008 by 6.6% of GDP, and we achieved a primary surplus for the fifth consecutive year of 1.3% of GDP instead of an initial deficit that lasted for more than 20 years, and reached about 3.9% in the fiscal year 2013/2014, while the budget deficit declined From 13% in the 2012/2013 fiscal year to 6.1%, we were also able to reduce the debt ratio from 103% in June 2016 to 87.2% at the end of the last fiscal year.

In his meeting with Swedish Ambassador Hokan Emsjord in Cairo and some representatives of Swedish companies in Egypt, the minister said that the government is 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, To be held, it is considered a national platform for dialogue on the priorities that stimulate local and foreign investments, enabling 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, in a way that contributes 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.

The meeting was attended by: Shahat Ghaturi, Head of the Customs Authority, Mokhtar Tawfiq, Head of the Tax Authority, Sherine El Sharkawy, First Assistant Minister for Economic Affairs, Dr. Mona Nasser, Assistant Minister for Follow-up, Project Management and Customs Development, Reda Abdel Qader, Assistant Minister for Tax Authority Affairs, and Mai Adel, Advisor to the Minister for Markets. The Minister of Finance, Dr. Hossam Hussein, Advisor to the Minister for Foreign Relations, Nisreen Lashin, Head of the Investors Support Unit, and Doaa Hamdi, Head of the Foreign Relations Unit.

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