5th tranche of IMF loan by end of 2018
By Ashraf Sadek:
CAIRO, September 13, 2018 - President Abdel Fattah El Sisi has directed the government to upkeep its efforts for resolving tax disputes in order to boost the confidence of financiers and investors in the Egyptian economy and preserve the state’s rights and revenues, Presidency Spokesman Ambassador Bassam Radi said Thursday.
The presidential directives came during a meeting between President Sisi and Finance Minister Mohamed Maeet, Ambassador Radi said.
During the meeting, which was attended by Prime Minister Moustafa Madbouli, Minister Maeet reported to President Sisi on the latest developments of a plan to reform the Tax Authority as well as the overall present status of the Egyptian economy, Ambassador Radi said.
Minister Maeet told President Sisi that the reform plan, which aimed at enhancing the performance of the Tax Authority, was moving ahead, he added.
President Sisi stressed that reforming the Tax Authority should be carried out in accordance with 'a strategic and competent plan', Ambassador Radi said.
The reform plan, Minister Maeet said, involved adopting a new mechanised tax payment system and introducing a new organisational structure to the authority, he said.
The minister also informed the president about his ministry's efforts for resolving tax disputes between the government and capital owners, Ambassador Radi said.
The minister indicated in his presentation that the ministry was working on introducing a new culture of communication and understanding between the government and tax payers.
Ambassador Radi said that President Sisi and Minister Maeet reviewed a set of measures, which aimed at increasing the state revenues and reducing budget deficit as part of an ongoing three-year economic reform programme.
The programme has earned praise from the International Monetary Fund (IMF) and the international business community.
President Sisi directed Minister Maeet to take swift actions for resettling governmental debts to help increase economic growth rates and create more job opportunities for the nation's young people, Ambassador Radi said.
The Sisi-Maeet meeting also dealt with the latest developments pertaining to the IMF-supported economic reform programme as well as the state budget and its projected targets during the Fiscal Year 2018/2019, Ambassador Radi added.
In this regard, Minister Maeet said that the reform programme was moving according to schedule and the IMF would approve by the end of this year the fifth tranche of a $12-billion loan package aimed at bringing Egypt's economy to its full potential.
The IMF has approved the loan to support the government’s home-grown comprehensive economic reform plan. The loan is being provided under the Extended Fund Facility and also includes measures to protect the poor.