Saturday 04 Jan
At the first government meeting of the new year on Wednesday, Prime Minister Dr. Moustafa Madbouly emphasized directives from President Abdel Fattah El-Sisi on the coordination between the Central Bank and the Ministry of Finance. This collaboration aims to ensure a consistent approach to financial and monetary policy, ultimately strengthening economic stability.
Madbouly has reaffirmed the government's commitment to maintaining economic stability, mitigating inflationary pressures, and fostering a more favourable environment for private sector growth. During a recent meeting, he highlighted the government's measures to attract more foreign investment and amplify the private sector's contribution in economic activity.
At the meeting, the Prime
Minister reviewed key economic indicators for the first quarter of the
2024-2025 fiscal year, as presented by the Minister of Planning and Economic
Development. The meeting revealed that Egypt's GDP grew by 3.5%, surpassing the
2.7% growth rate from the same period last year. This positive trend extended
across various sectors, including agriculture, industry, and information
technology. Madbouly commended these results, emphasizing their alignment with
the government's vision for a diversified and robust Egyptian economy,
fostering development in both economic and social sectors.
In this context, Prime Minister
Madbouly emphasized the government's continued efforts to build upon existing
successes. The government is actively working to restore macroeconomic
stability and enhance public contributions. Notably, there has been an
improvement in performance within key economic sectors, particularly in
industry. Furthermore, industrial transfers, such as those related to gas and
oil, have shown recovery despite the disruption of Suez Canal activity caused by
regional geopolitical events.
He emphasized the government's ongoing commitment to supporting the private sector. This includes implementing robust governance frameworks for public investments. The aim is to empower the private sector, shift the government's role towards oversight and regulation, and foster a level playing field for investors. This will ultimately attract greater investment from both domestic and international sources.
