Unofficial economy represents 40%

Egypt’s unofficial economy represents about 40 percent of economy volume, Minister of Finance Amr el-Garhy said at the Conference of boosting the mobilization of Egypt’s domestic resources.

Garhy clarified that this percentage is not accurate, affirming that the volume of unofficial economy is immense in comparison to other countries.

The minister pointed out that he does not know the volume of liquefied funds in the Egyptian market, stressing the importance of working on boosting the financial inclusion file.

He added that taxes incentives are not the main reason attracting investors, referring that the new investment law also provides investors with several incentives; in addition to the diversity of the Egyptian economy which can attract more investments through simplifying the procedures.

The minister stated Monday that taxes represent 72 percent of the estimated budget of fiscal year 2017/2018.