Arab Finance: Dr. Mostafa Madbouly, Prime Minister, chaired the weekly government meeting, at its headquarters in the New Administrative Capital. This is to discuss a number of topics and files, according to Statement Issued by the Council of Ministers.
The Prime Minister briefed the members of the government on the discussions that took place during the President’s meeting with Kristalina Georgieva, Executive Director of the International Monetary Fund, and the high-level delegation accompanying her, especially the President’s expression of Egypt’s aspiration to complete cooperation with the Fund during the coming period, and to build on what has been achieved. With the aim of enhancing the stability of economic conditions and reducing inflation rates, while taking into account the changes and magnitude of the challenges that Egypt has been exposed to during the recent period due to regional and international crises.
Madbouly also conveyed the Director of the International Monetary Fund’s confirmation of her full understanding of the magnitude of the great challenges facing Egypt in light of regional and international developments, and that the Fund will seek – in partnership with the Egyptian government – to reach the best reform paths that take into account all relevant dimensions, in a way that preserves the results of relevant reforms. The positive impact on the Egyptian economy. In this regard, the Prime Minister directed to move forward with the paths of economic reform initiated by the government, and to take measures to achieve this, most notably the government proposals program, in accordance with what was specified in the “State Ownership Policy” document, which contributes to enhancing the participation of The private sector in economic activities.
In the same context, and with regard to Egyptian economic indicators, the Prime Minister indicated that Fitch International Credit Rating Agency raised Egypt’s rating to “B” for the first time in 4 years, with a stable future outlook in light of the abundance of foreign exchange flows and the recent reform measures, the most important of which are Flexibility of the exchange rate, noting at the same time that it is expected that Egypt’s GDP growth will rise from 2.4% this year to 4% next year thanks to enhanced confidence, remittances from Egyptians working abroad, and foreign direct investment.
The Prime Minister stressed that this is a message of confidence and reassurance for the national economy and its ability to attract more foreign investments and expand current investments, in a way that serves the Egyptian state’s vision towards expanding the participation of the local and foreign private sector in various sectors of the Egyptian economy.
Related news
