Egypt advances structural overhaul of economic authorities

Egypt is advancing its structural overhaul of economic authorities through a two-phase plan aimed at enhancing efficiency and boosting their contribution to the gross domestic product (GDP). To that end, Prime Minister Moustafa Madbouly chaired a meeting on Tuesday to review the latest developments.

During the meeting, Hussein Issa, chairman of the Technical Secretariat of the Committee for the Reform and Restructuring of Economic Authorities,  presented a detailed report on the secretariat’s efforts in overseeing restructuring studies and implementation steps.

The first phase involves the assessment of 59 economic authorities, leading to decisions to retain certain entities, convert some from economic to public authorities, and merge others to optimise operations.

The second phase, described as the comprehensive structural reform stage, focuses on the actual restructuring of economic authorities within a new framework designed to improve their effectiveness and financial sustainability. As part of the broader reform agenda, the plan includes drafting a new law to regulate public authorities in line with the state’s administrative restructuring efforts.

Issa also highlighted a five-year moratorium on establishing new economic authorities to ensure adherence to strict formation criteria.

Additionally, he emphasised the need for thorough feasibility studies before launching new projects and integrating them into each authority’s approved investment plan. The reform initiative further entails implementing administrative, regulatory, and legislative measures to apply the outcomes of the first phase.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser