Sisi to discuss joint cooperation with US treasury secretary
President Abdel Fattah al-Sisi - REUTERS/Mohamed Nureldin Abdallah

CAIRO: President Abdel Fatah al-Sisi will meet Monday with U.S. Treasury Secretary Jacob Lew in Cairo to discuss joint cooperation between the two countries, Al-Watan newspaper reported Sunday.

During his short visit to Cairo, Lew will hold talks with Egyptian senior officials about issues of mutual interest and is also scheduled to meet with Egypt’s Minister of Finance Hani Kadry, and then hold a joint press conference at the ministry’s headquarters.

According to unnamed officials, Kadry will review with Lew new economic measures recently adopted by the government, including a reduction in subsidies—especially in energy—preparations to apply a value added tax instead of a sales tax, income tax amendments and a 10 percent capital gains tax on stock market profits and dividends, Al-Masry Al-Youm reported.

The two will also discuss procedures to invite International Monetary Fund (IMF) officials to visit Cairo to see recent reforms, in an attempt to obtain an IMF confidence certificate for Egypt ahead of an economic summit to be held Feb. 26-27.

Egypt and the IMF will start consultations next month in the run-up to the IMF releasing a report about the performance of Egypt’s economy, Kadry said in a statement Oct. 13 during his participation in the fall meeting of the IMF and the World Bank.

A delegation representing 50 U.S. companies operating in various sectors will also visit Egypt Nov. 9-11 to discuss potential investment opportunities in the local market.

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