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Egypt’s balanced fiscal policies have contributed to reducing debt and inflation rates while driving economic activity, Deputy Minister of Finance for Fiscal Policy Yasser Sobhy said.

Speaking at the first Africa Finance Summit, Sobhy stated that financial stability remains a fundamental pillar for economic growth and improving citizens’ living standards. He noted that the Egyptian government is currently developing its public finance management and implementing program-based budgeting to enhance the efficiency of public spending and achieve fiscal targets within a comprehensive and integrated economic vision.

According to Sobhy, Egypt’s experience in sustainable finance is creating new opportunities for African economies. He explained that the issuance of sustainability bonds facilitates the funding of projects with a social dimension, which are essential for maintaining economic stability.

The ministry is working to diversify both local and international financing sources and instruments. Sobhy said this strategy is intended to lower costs and mitigate risks while maximizing the benefit from concessional financing sources.

New programs and initiatives are being implemented to increase spending on social protection and human development, as well as to improve public services. Sobhy highlighted that the voluntary formalization of the informal economy is a strategic priority to broaden the tax base and utilize the economy’s latent potential.

He concluded by stating that the Borrowing Countries Forum would contribute to improving financing conditions for Africa and developing nations, thereby boosting investment flows and supporting inclusive, sustainable growth.

Source: Daily News Egypt