Egypt sets out economic vision extending beyond IMF deal: PM

Egypt has outlined a new economic strategy running to 2030, which will build on past reforms and extend beyond its current loan programme with the International Monetary Fund (IMF), said Prime Minister Moustafa Madbouly on Tuesday.

Speaking at a Cabinet meeting in the new administrative capital, Madbouly said the plan — dubbed the National Narrative for Economic Development — will be subject to broad public consultation. The framework, he said, is designed to sustain growth, expand employment and reinforce private-sector participation after years of state-led infrastructure investment.

Egypt, the Arab world’s most populous nation, is seeking to cement investor confidence as it navigates an IMF-backed reform programme, while also positioning itself as a regional hub for manufacturing and clean energy.

Madbouly also highlighted President Abdel Fattah El-Sisi’s recent flurry of diplomatic engagements with Arab leaders and Lebanese Prime Minister Najib Mikati, as well as his own participation in a Shanghai Cooperation Organisation (SCO) Plus summit in Tianjin. Meetings with Chinese president Xi Jinping and executives from major firms focused on investment in renewable energy, electric vehicles and desalination — sectors Cairo regards as priorities for future growth.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser