Egypt’s Finance Minister Ahmed Kouchouk said on Wednesday that prioritising essential supplies for citizens and production requirements for investors is key to mitigating economic risks.
Speaking during a meeting of the Crisis Management and Risk Reduction Committee at the Ministry of Finance, Kouchouk stated that continuous coordination and consultation with all state agencies is underway to ensure and strengthen strategic reserves of commodities and energy.
The minister explained that the ministry is working to provide the necessary financial allocations to meet basic needs, with a specific focus on social spending and human development. He added that maintaining the development of productive and export activities is at the forefront of fiscal policy priorities to drive economic competitiveness and create job opportunities.
Kouchouk noted that initiatives to support the tourism, industrial, and agricultural sectors will continue, but emphasised that the entitlement to incentives is linked to achieving “tangible results on the ground.”
Encouraging the private sector to expand production and exports is a “strategic choice,” the minister said, adding that this would be supported through tax, customs, real estate, and financial facilities.
The minister highlighted ongoing efforts to monitor procedures for rationalising spending and consumption across all state entities, directing financial allocations toward strategic priorities. He stated that hedging tools, rationalisation, and the optimal use of reserves assist in limiting potential risks and alleviating pressures on the state budget.
Kouchouk said a joint committee with the Central Bank meets regularly to conduct hedging studies on market variables and adopt policies better suited to containing shocks. He stressed the necessity of daily monitoring regarding economic developments, international trade, and global markets to follow domestic and regional repercussions. This includes tracking global market trends, expectations from international institutions, and developments affecting oil prices.
The ministry remains committed to positive and direct communication with investment circles and institutions to explain proactive economic and financial reform measures intended to contain the impact of global developments on the Egyptian economy, Kouchouk added.
