Sisi: Issuance of tax bonds contributes to reducing the debt service bill

Egyptian President Abdel Fattah el-Sisi, during a meeting with Prime Minister Dr. Mostafa Madbouly and Finance Minister Ahmed Kojok, reviewed the position on hedging against risks associated with fluctuations in global oil prices. President el-Sisi approved a proposal to issue tax instruments, which would be funded by investors and deducted from their future tax liabilities, with returns set at a favorable and appropriate rate, thereby helping to reduce financing needs and, consequently, the debt service bill.

He emphasized the necessity of strict adherence to the implementation of relevant laws, regulations, and presidential decrees concerning the use of land designated for tourism activities along Egypt’s coastal areas. He directed the immediate formation of a committee comprising relevant state agencies to inspect the situation on the ground to ensure citizens’ free access to the beaches. Additionally, he ordered the establishment of a committee to inspect various ongoing real estate projects across all governorates to ensure that units are delivered within the specified timelines without delay.

The Finance Minister confirmed the government’s success in reducing the debt of budgetary agencies as a percentage of GDP by approximately 13.2 percent over the past two years, noting that the government aims to significantly and effectively improve debt indicators of budgetary agencies to create greater fiscal space to support citizens and investors.