Dr. Mostafa Madbouly, Prime Minister of Egypt, stated that the state collected 67.5 billion Egyptian pounds in taxes from government companies and sovereign entities after canceling exemptions. He noted this is part of addressing complaints from private sector companies about the lack of competitive fairness and the non-payment of taxes by government and sovereign entities.

During a press conference, he cited the Administrative Capital project, saying: “The Administrative Capital project was once considered a losing and unfeasible project, but today the company has made profits enabling it to pay taxes amounting to 8 billion Egyptian pounds during the last fiscal year.”

He added that the government’s main goal is to reduce the trade gap and deficit through ambitious policies and plans aiming to raise Egypt’s goods and services exports to 145 billion dollars.

Regarding inflation, he confirmed that current figures “herald” a decrease in the inflation rate to below the targeted 10% by early next year, affirming that if the current conditions continue, the target will be achieved.

He emphasized that these results come in light of “the stability of prices of the vast majority of goods, and even a decrease in prices of many other goods, which we observe in the markets today.”

He stressed that the decline in inflation will in turn lead to a chance for prices to drop, adding: “Without mentioning specific goods, there is a decrease happening in prices, and God willing, with the continuation of these policies, we will begin to see further price reductions.”