PM: No Plans for Tax Hike, Government Reaffirms Stability

Photo : Egypt Media Office

Prime Minister Mustafa Madbouli assured that the Egyptian government has no plans to increase taxes in the near future. He made this declaration during a meeting with the heads of the House of Representatives' committees, reinforcing the government's commitment to continuing its economic reforms. At the same time, he emphasized the importance of providing social protection for deserving citizens, especially amidst the ongoing regional and global challenges that have created economic uncertainty worldwide.

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Madbouli also touched on the recent visit by Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who acknowledged the widespread difficulties faced globally, particularly in the Middle East. He noted that Georgieva praised Egypt’s actions, in collaboration with the Central Bank, to stabilize the exchange rate and reduce inflation. However, she also emphasized the need for continued reforms, given the persistent regional and international challenges.

The Prime Minister discussed various measures Egypt has taken to address challenges, including those posed by the Grand Ethiopian Renaissance Dam (GERD), particularly in the drinking water and sewage sectors. He also highlighted the steps taken to address power load shedding in the electricity sector, a significant issue exacerbated by a 12% rise in consumption compared to 2023. Collaborative efforts with the Central Bank of Egypt have been crucial in managing these challenges.

Madbouli reiterated the government's firm stance against terrorism, especially in the Sinai region, and stressed the importance of the large-scale developmental and service projects carried out over the last decade to enhance living standards and security in the area. He also emphasized that the Ministry of Industry now has full authority to make decisions that would bolster the industrial sector and improve national production.

Furthermore, the Prime Minister outlined the government’s measures to ensure market stability by increasing the supply of goods. He mentioned that discussions will soon be held with the relevant authorities to streamline the licensing process for medical clinics. Additionally, Madbouli pointed out that several key legislative initiatives, including the draft sports law, are being expedited and will soon be submitted to Parliament for review and approval.