The government is adopting balanced and cautious policies to cope with the global economic crises and their complex repercussions, exacerbated by geopolitical tensions, said Mohamed Maait, Minister of Finance. He added that the new policies have helped the government mitigate the impact of internal and external shocks, and maintain financial discipline. The deficit and debt are declining, and the government is creating sustainable fiscal space to expand social protection for the most vulnerable groups.
Maait made these remarks during his participation in the session on the balance sheet-based approach to creating value from public assets at the 8th Public Finance Forum in Arab Countries in Dubai. He stated that the government will pursue structural reforms to boost economic recovery, by empowering the private sector as the driver of development. This will be achieved through offering promising investment opportunities for the private sector, ensuring optimal use of state resources, implementing an integrated policy for managing state-owned assets, and launching programs to stimulate private investments.
He also said that the government offerings program aims to attract more investment flows, and increase the role of the private sector in economic activity. The program also seeks to raise the share of the private sector in public investments to 65% in the coming years, taking into account the golden license. This license facilitates the implementation of productive and investment projects and opens up opportunities for foreign investments. Maait explained that the government IPO programme enhances the Ministry’s capacity to meet its financing needs, with a target of raising up to $6.5bn by the end of 2024.
Maait emphasized the government’s commitment to adopting financial policies that support production and export activities, based on providing monetary and investment incentives. These policies should be aligned with the real objectives of the sectors that have strategic value and competitiveness, and the government efforts to increase private sector participation.
