Egyptian Prime Minister Mostafa Madbouly reassured citizens about the stability of the economy, emphasizing that it has successfully absorbed recent global shocks, including the US stock market’s decline.
He noted that the Central Bank of Egypt effectively managed the situation, maintaining a flexible exchange rate despite the exit of “hot money” from the country, which he asserted was minimal compared to the total liquidity in Egypt.
Madbouly also addressed the government’s efforts to maintain economic growth rates despite challenges. He highlighted the importance of sustaining growth around 5.5 to 6 percent through 2030, similar to China’s past economic strategy. T
he Prime Minister also discussed ongoing issues such as fertilizer shortages, attributing them to price discrepancies and production challenges, but assured that production had stabilized and would continue to meet agricultural needs.
Additionally, Madbouly spoke about the government’s plans to reduce domestic debt and improve the investment climate by simplifying procedures and introducing new policies.
He announced the upcoming 2030 Tax Policy Document, which aims to resolve tax disputes and simplify tax processes for investors, reflecting a clear economic direction. The Prime Minister also mentioned the focus on enhancing technical education and the upcoming new labor law, which will balance workers’ rights with employers’ obligations, aiming to boost productivity and support economic growth.