Thursday 21 Nov
Prime Minister Dr. Moustafa Madbouly met with Finance Minister Ahmed Kojak on Wednesday evening at the government headquarters in the New Alamein City to follow up on the ongoing efforts to reduce the public debt and maintain its downward trend, in line with the government's strategy.
Cabinet spokesperson, Counselor
Mohamed El-Homossany, stated that during the meeting, Madbouly reiterated the
government's unwavering commitment to lowering the public debt-to-GDP ratio. He
noted that recent months have seen a decline in external debt, a trend the
government intends to sustain over the medium and long term. This progress,
Madbouly emphasized, is a direct result of Egypt's consistent fulfillment of
debt obligations.
El-Homossany echoed the
government's dedication to fiscal discipline as a key driver for reducing the
debt-to-GDP ratio in alignment with its planned trajectory.
The Finance Minister, as
highlighted by the spokesperson, outlined a comprehensive plan to decrease
government debt in the medium term. This plan includes strategies to reduce
borrowing costs, diversify investor and currency bases, and extend debt
maturities to bolster confidence in the Egyptian economy.
In support of these objectives,
the Finance Minister presented proposals to reduce the domestic debt of government
agencies and outlined additional measures to achieve the state's debt reduction
goals.
On the other hand, the Prime
Minister held another meeting to review the tourism investment map and various
opportunities across Egypt. Participants included Sherif Fathi, Minister of
Tourism and Antiquities, Engineer Sherif El-Sherbiny, Minister of Housing,
Utilities and Urban Communities, and Dr. Moustafa Mounir, CEO of the General
Authority for Tourism Development. .
Counselor El-Homossany announced
that the meeting discussed proposals to optimize the tourism potential of the
northern coastal region. These proposals include increasing the number of
hotels and creating new tourism attractions around lakes south of the coastal
road. The aim is to establish hotels with scenic lake views in these areas. The
government also discussed challenges faced by tourism investors. These
discussions were held with a group of investors in the presence of the ministers.
The Minister of Housing presented the tourism investment map and the General Authority for Tourism Development's plan. The plan outlines 84 opportunities that will contribute to providing 48,500 hotel rooms, with an additional 15,000 expected based on current allocation requests. The minister also discussed the distribution of these opportunities across Egypt's tourist regions.
