President Abdel Fattah El-Sisi has directed the administration to step up efforts to achieve economic sustainability by decreasing the total budget deficit and the ratio of public debt to GDP, as well as expanding productive initiatives, particularly those targeted toward exports.
The President Abdel Fattah El-Sisi met with Prime Minister Dr. Moustafa Madbouly, Governor of the Central Bank of Egypt Mr. Hassan Abdallah, and the Ministers of Planning and Economic Development, International Cooperation, and Finance. During this meeting, the attendees discussed various topics related to the economy and its recent progress.
According to Counselor Dr. Ahmed Fahmy, the Spokesman for the Presidency, President El-Sisi was briefed on the current state of the economy and the recent investment and financing measures that have been taken. These measures have included packages designed to revitalize different economic sectors and investment attraction programs.
The government has been focusing heavily on these programs over the past year, and their efforts have resulted in improved outlooks from international credit rating institutions on the future of the Egyptian economy.
The meeting centered around ways to strengthen sustainable growth, boost private sector activity, and focus more on the industrial sector, technology transfer, and increasing exports. Efforts to address inflation and ensure the stability of commodity prices were also discussed, including ways to increase the volume of commodity supply in local markets. The President gave directives to reduce the total budget deficit and the ratio of public debt to gross domestic product, while increasing productive projects that are oriented toward export. He also emphasized the need to control inflation and focus on the human development sectors, particularly health and education, in the next general budget.
Overall, the meeting aimed to ensure the delivery of better services to the Egyptian citizens and contribute to the state’s objectives of achieving comprehensive development.
