STORY: Egypt witnesses substantial progress in economic reform, says finance minister
SHOOTING TIME: Recent footage
DATELINE: Feb. 27, 2025
LENGTH: 00:01:04
LOCATION: Cairo
CATEGORY: POLITICS/ECONOMY

SHOTLIST:
1. various of Nile River in Egypt
2. SOUNDBITE (Arabic): AHMED KOUCHOUK, Egyptian Finance Minister
3. various of street views in Egypt

STORYLINE:

Egypt has made substantial progress in its economic reform with significant achievements across various sectors, Egyptian Finance Minister Ahmed Kouchouk has said.

In a recent interview with Xinhua, Kouchouk said Egypt has made strides in areas such as coordination, a flexible exchange rate system, targeted inflation reduction, primary surpluses, sound debt management, and the establishment of a debt ceiling.
   
SOUNDBITE (Arabic): AHMED KOUCHOUK, Egyptian Finance Minister
"Inflation rates are declining and the primary surplus has reached a record high. Spending on health and education is rising and private investment now accounts for 63 percent of the total investment. And tourism revenue and remittances from Egyptian workers abroad have also increased."
   
The minister added that the economy is performing well in the current fiscal year, which runs from July 1, 2024, to June 30, 2025. During the first quarter of the 2024/2025 year, the growth rate reached 3.5 percent, up from 2.7 percent in the same period last year.
   
"Last year, we maximized the benefits of the Ras Al-Hekma deal (with the United Arab Emirates) using proceeds from the deal to increase net reserves and improve net foreign assets," said Kouchouk. "This significantly boosted investor confidence in Egypt's currency stability."
   
Besides, Egypt has consistently paid off debts on time and reduced its debt from 96 percent to 89 percent of GDP. The country has for the first time set a ceiling for government debt this year.

The external debt is expected to be reduced "both in absolute terms and as a percentage of GDP" this year, Kouchouk said, aiming to reduce overall debt to below 80 percent in the coming years.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)