Monday, 25 May 2026
Egyptian President reviews economic progress and tax reform efforts
Cairo, Egypt – President Abdel Fattah El-Sisi held a meeting today with Prime Minister Dr. Mostafa Madbouly and Finance Minister Ahmed Kouchouk, focusing on the country’s ongoing economic reforms, recent successes in tax administration, and Egypt’s broader fiscal outlook for the years ahead.
According to Presidential Spokesperson Ambassador Mohamed El Shennawy, the meeting highlighted the encouraging results of Egypt’s first tax relief initiative, set to continue through June 2025.
Finance Minister Kouchouk reported that the government had received 110,000 voluntary applications from businesses and individuals seeking to settle tax disputes in recent months.
Additionally, over 450,000 new or amended tax returns were submitted, which reflects growing confidence among taxpayers and increased engagement with legal pathways for compliance. These new and revised filings accounted for additional tax revenues totaling EGP 54.76 billion.
The government continues to support small businesses: nearly 53,000 entrepreneurs whose annual revenues are below EGP 20 million have applied to benefit from new incentives and reliefs, in line with Egypt’s ongoing commitment to supporting the backbone of its economy.
The meeting also addressed Egypt’s progress in international fiscal planning. Early indicators show a successful reduction in foreign debt for government entities by as much as $1–2 billion annually, a significant achievement amidst volatile global markets and ongoing geopolitical tensions, including the conflict between Iran and Israel. These external pressures have led to increased uncertainty in global shipping and commodities markets, amplifying the challenges for growth in the region.
Despite such challenges, Egypt’s economy has shown remarkable resilience. From July 2024 to May 2025, the country achieved a robust primary surplus, a reduction in the overall budget deficit, and a healthy 36% increase in tax revenues—driven by improved business activity and expanding the tax base without imposing new burdens on citizens. The government continues to exercise fiscal prudence while protecting social welfare, development programs, and prioritizing resources for vulnerable groups.
Looking ahead, the meeting set clear goals for the upcoming financial year: monitoring public debt to GDP (both domestic and external), supporting wage growth and employee compensation, and ensuring prudent management of government spending and investments. Finance Minister Kouchouk also reviewed Egypt’s progress on reforms linked to its IMF program, including ongoing negotiations to secure the next tranche of IMF support.
President Sisi concluded the meeting by emphasizing Egypt’s commitment to learning from international best practices to ensure enduring financial and economic stability. He called for continuing efforts to attract investment, boost production and exports, and create more job opportunities for Egyptians. The President also instructed his cabinet to remain vigilant given current regional uncertainties, ensuring proactive measures are in place to safeguard Egypt’s economic and social stability.