Minister of Finance Mohamed Maait said that the Egyptian government is racing against time to transition into a digital economy, which will help the business community and stimulate investment.

The government aims to complete all projects to develop and automate the tax and customs systems before the end of next June, which will monitor the tax community more accurately and expand the tax base in order to maximise efforts to integrate the informal economy into the formal one and establish the foundations of tax justice and fair competition in markets.

He explained that the government seeks to reach a national product that reflects the real volume of business in Egypt so that it can achieve economic and development goals, improve the standard of living of citizens, and the services provided to them.

Maait’s statements came in a meeting with his Jordanian counterpart, Mohamed Mahmoud Al-Ississ.

The minister said that the Egyptian experience in developing and mechanising the tax and customs systems is based on localising distinguished global expertise, pointing out that Egypt, with the testimony of international financial and classification institutions, has succeeded in adopting balanced financial policies.

This has preserved the gains of the economic reform programme and made the Egyptian economy more capable of facing the consequences of the pandemic, which is, as described by the World Bank, the largest economic crisis the world has witnessed in a century.

He pointed out that the indicators of financial performance during the first half of the year were reassuring despite all the challenges, which include disruptions in supply chains and a sharp rise in inflation and shipping costs.

Furthermore, he explained that the average growth rate during the period from July to December 2021 amounted to 9%, which is the highest rate in 20 years, and unemployment declined to 7.4% by the end of December 2021 as a result of the expansion of mega development projects that embody the construction and reconstruction process in the new republic.

Additionally, Maait stressed his keenness to enhance cooperation with the Jordanian side in a way that reflects the distinguished relations between the two countries.

The two countries want to exchange visions on global economic developments, exchange experiences in the field of national financial policies and developing and mechanising the tax system, in addition to facilitating joint customs transactions to enhance intra-trade. Tax agreements will also be updated to avoid double taxation.

For his part, the Jordanian Minister of Finance praised the unprecedented renaissance Egypt is witnessing in various sectors, pointing out that his country is excited to exchange experiences and build joint capabilities in a manner that reflects the strength and distinction of bilateral relations between the two countries.

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