Egypt’s PM: Crisis committee formed to monitor regional developments
Egyptian Prime Minister Moustafa Madbouly has confirmed that the government is closely monitoring regional developments and assessing their impact on the domestic situation, particularly the economy.
Madbouly said a crisis committee has been formed to follow up on the consequences of these events, alongside the ongoing efforts of the ministerial economic group.
During a meeting with members of the macroeconomic advisory committee, the prime minister said Egypt’s stock of essential goods is secure and reassuring. He added that there is agreement with the banking sector to provide all the foreign currency needs of various industrial sectors and production requirements.
Meanwhile, advisory committee members outlined several key vulnerabilities, including energy security, supply chains, public finances, exchange rate stability, Suez Canal revenues, and inflation. They stressed the need for tighter market oversight, measures to curb hidden inflation, improvements in energy efficiency, and firm fiscal discipline.
The committee also underlined the importance of ongoing coordination with the Central Bank of Egypt (CBE) to preserve exchange rate stability and flexibility. It further recommended speeding up structural reforms to attract foreign direct investment and expanding digital export platforms targeting African and Gulf markets.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama