NEW ALAMEIN CITY, June 25 (MENA) - Prime Minister Mostafa Madbouli stressed on Wednesday that the country’s financial position is improving significantly, highlighting the country's ability to secure local resources for foreign currency in May, saying they were were sufficient, for the fourth consecutive month, to cover state spending and essential needs.

He dismissed claims that Egypt is still reliant on "hot money" flows, stating that the country is now capable of securing its financial needs independently.

“There is a natural in-and-out movement of hot money, as is the case in any country,” Madbouli said, adding that such movements do not impact the nation’s foreign reserves or currency spending.

Citing a recent international report, Madbouli said Egypt ranked 9th globally in attracting foreign direct investment (FDI) in 2024, up from 32nd place in previous years.

He described the progress as a positive achievement that reflects Egypt’s emergence as a top global investment destination.

He reiterated the government’s commitment to further improving the investment climate by streamlining licensing procedures and offering greater facilitation for both local and foreign investors, aiming to boost investment momentum.

He also referred to a recent meeting between President Abdel Fattah El Sisi and the finance minister in which the finance minister briefed Sisi on the increase of tax revenues in the first 11 months of the current fiscal year by 36% compared to the same period last year.

He emphasized the increase came not from higher tax rates, but from simplified tax procedures and the integration of 53,000 new taxpayers into the system.

In the healthcare sector, Madbouli highlighted a significant breakthrough, saying Egypt, for the first time, has started assembling ultrasound and MRI machines in Sixth of October City in cooperation with the General Electric company.

He added that this is the first step toward full local manufacturing, marking a major stride in localizing high-tech industries that Egypt previously imported entirely.

"This achievement reflects the outcomes of our policies to attract global companies to invest and produce advanced technology in Egypt," Madbouli concluded. (MENA)
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