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Egypt looks to SMEs to push growth

improve uprising agenda motivate law recover


unrest business simplified enterprises

through concerns borrowing crucial pound lure

loan

Egypt’s economy has started to ………………………but has yet to ………………………from


the country’s 2011 ………………………and the years of ………………………that followed –
says the Ratings Agency Moody’s.

One of the top reforms on the agenda ………………………small and medium


enterprises. A new ………………………is proposed where SMEs will be taxed
under a ………………………system. It’s aimed at encouraging those firms to
operate in the formal economy.

“We are now working on a law for small and medium enterprises. And it is a
very important law: Firstly it will include small ………………………into the
regulated sector that has not existed before. Secondly, this law will include a
package that we hope will ………………………them to move from the non-
official to the official sector.”

The government’s reform ………………………has also been


………………………to the International Monetary Fund’s
………………………program of $12 billion over three years.

“The SMEs are considered the most important sector that we work on. We have
many young people in Egypt, and ………………………economic development
we have to provide job opportunities for them through small and medium
……………………….”

Foreign ………………………and direct investment, assured by the IMF backing,


has helped drive Egypt’s economy up 4.9 per cent in the fourth quarter of last
year.

The once crucial tourism sector has yet to recover, but the country hopes to
………………………holiday makers back with the cheaper Egyptian
……………………….
Egypt looks to SMEs to push growth
Egypt’s economy has started to improve but has yet to recover from the
country’s 2011 uprising and the years of unrest that followed –says the Ratings
Agency Moody’s.

One of the top reforms on the agenda concerns small and medium enterprises.
A new law is proposed where SMEs will be taxed under a simplified system. It’s
aimed at encouraging those firms to operate in the formal economy.

“We are now working on a law for small and medium enterprises. And it is a
very important law: Firstly it will include small business into the regulated sector
that has not existed before. Secondly, this law will include a package that we
hope will motivate them to move from the non-official to the official sector.”

The government’s reform agenda has also been crucial to the International
Monetary Fund’s loan program of $12 billion over three years.

“The SMEs are considered the most important sector that we work on. We have
many young people in Egypt, and through economic development we have to
provide job opportunities for them through small and medium enterprises.”

Foreign borrowing and direct investment, assured by the IMF backing, has
helped drive Egypt’s economy up 4.9 per cent in the fourth quarter of last year.

The once crucial tourism sector has yet to recover, but the country hopes to lure
holiday makers back with the cheaper Egyptian pound.