President Abdel Fattah El-Sisi met with Finance Minister Ahmed Kouchouk to follow up on the Ministry of Finance’s latest files, including the outcomes of Egypt’s first voluntary tax settlement initiative and the ongoing strategy to reduce the external debt of state entities.

Minister Kouchouk reported that the number of voluntary tax dispute settlement requests submitted to date has reached 110,000.

Additionally, more than 450,000 new or revised tax returns have been filed, declaring additional taxes worth EGP 54.76 billion.

As part of the government's efforts to support small businesses, 52,901 taxpayers whose annual revenues do not exceed EGP 20 million have applied for the incentives outlined in Law No. 6 of 2025.

The meeting also reviewed the latest updates on Egypt’s international bond issuances for FY2024/2025.

Preliminary indicators show that the Ministry succeeded in reducing the external debt of budget-affiliated entities by $1 to $2 billion annually.

The President and Finance Minister discussed increasing global market volatility, particularly in light of geopolitical tensions—most notably the Iran-Israel conflict—which has contributed to heightened uncertainty, rising shipping costs, and fluctuations in global commodity prices.

The session reviewed Egypt’s financial performance between July 2024 and May 2025. The government achieved a strong primary surplus and successfully reduced the overall budget deficit.

Tax revenues grew at an impressive rate of 36%, driven by improved economic activity and a broader tax base—without introducing new financial burdens on citizens. The government also continued its efforts to rationalize expenditures.

President El-Sisi was briefed on the main fiscal targets for 2024–2025, including debt-to-GDP ratios (domestic and external), tax revenue growth, GDP growth rates, wage and compensation levels, allocations for goods and services procurement, and interest payments.

The meeting also covered developments in government investment spending. The Deputy Minister of Finance presented progress on implementing reforms under Egypt’s agreement with the International Monetary Fund (IMF), including ongoing negotiations to finalize the fifth review and secure the next funding tranche.

President El-Sisi directed officials to draw on leading global models for stabilizing fiscal and tax policies to improve the business climate, expand the tax base, attract more investment, boost exports, and create jobs.

He also called for continued fiscal discipline and efficient spending to strengthen Egypt’s economic performance while prioritizing funding for social protection, human development, and support programs for vulnerable groups.

In light of current regional tensions, the President stressed the importance of preparing financially and logistically to mitigate potential impacts on national economic stability.