PM: Egypt continues growth amid challenges
Egypt’s Prime Minister, Mostafa Madbouly, reaffirmed that the Egyptian economy has been growing positively, despite the challenges faced in recent years. He acknowledged that while growth rates over the past two years have not met expectations, the government’s vision and ongoing implementation of economic reform measures offer hope for achieving the targeted growth rates of over 4 per cent, with the potential to reach 6-7 per cent in the coming period.
Madbouly highlighted the state’s commitment to continuing its economic and structural reforms, noting that the current state of the IPO programme and the State Ownership Policy Document have experienced delays due to the difficult circumstances.
He emphasised that these challenges have slowed the execution of these important initiatives. However assured that the government remains focused on their successful implementation. Madbouly stressed that despite these hurdles, Egypt is determined to proceed with its economic programme in collaboration with the International Monetary Fund (IMF).
Moreover, the Prime Minister pointed out that Egypt had reached a staff-level agreement on the fourth review of Egypt’s Extended Fund Facility (EFF) arrangement and confirmed the country’s commitment to executing the programme. This review, according to Madbouly, sends a strong message of confidence and credibility to both domestic and international markets.
Looking ahead, Madbouly emphasised the need for faster action on various economic issues and further empowerment of the private sector. The Prime Minister expressed strong confidence in Egypt’s national private sector, stressing that the government will remain focused on attracting foreign investments. He noted that the private sector is not only the largest and most capable player in the economy but also the most suited for expanding and investing within the country, serving as the foundation of Egypt’s development process.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama
