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Egypt to Record 7% Growth in 2021-22

Egypt to Record 7% Growth in 2021-22Egypt to Record 7% Growth in 2021-22

Egypt aims to achieve a growth rate of 7% during fiscal year 2021-2022 and to start floating shares of 23 companies on the Egyptian Exchange, according to Minister of Finance Mohamed Ma’it.

This came during Ma’it’s speech at the annual meetings of the African Caucus for the World Bank and the International Monetary Fund, held in Sharm El-Sheikh on August 5 and 6, under the patronage of Prime Minister Moustafa Madbouli, Middle East Eye reported.

The minister affirmed that several legislations and procedures were recently issued to support the Egyptian economy, including the settlement of tax disputes and the provision of tax incentives for small and medium enterprises, the improvement of the payment of electronic taxes within the framework of initiatives to support electronic payments and the issuance of the unified tax law.

“The Egyptian government has been implementing a program of economic reform since 2016 to achieve sustainable growth, improve the business climate, support social protection networks, face the challenges that the Egyptian economy has suffered over decades, support the private sector to create jobs and empower young people and women,” Ma’it stated.

These meetings are organized by the ministry of investment and international cooperation and the ministry of finance, in collaboration with the Central Bank of Egypt, and in the presence of representatives from 40 countries from in and outside the African continent.

Planning Minister Hala el-Saeed said earlier that Egypt’s growth rate for 2017/2018 hit its highest level in ten years as it recorded 5.3% against 4.2% in the prior year.

Economic growth rate reached 5.4% during the third and fourth quarters of 2017/2018 fiscal year, she added.

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