Egypt is on right track after pound's flotation, new investments to be injected soon: Ismail

(MENAFN- Daily News Egypt) Prime Minister Sherif Ismail said that Egypt is on the right track after the Egyptian pound's flotation which contributed to correcting the economic path of the country.

Egypt had suffered from political and economic instability over the past six years which has led to the diminishment of the inflow of US dollars to the country, because the inflow of foreign investment and tourism decelerated, along with the weakness of exports.

Ismail had said in previous press releases after meeting with President Abdel Fattah Al-Sisi on Saturday that the government is preoccupied with intensifying controls over the market to set prices, especially after the recent inflation.

The government is working on providing basic commodities for citizens at suitable prices, he stated, emphasising that monitoring groups are observing the market to deal with the greed of some traders.

Ismail had said that Al-Sisi called on the government to control the market and to face any greed or exploitation from traders, and to provide essential commodities to the market as soon as possible.

He claimed that the drug shortage crisis will be resolved shortly, especially after the recent decision to increase the prices of 3,000 drugs by 15% on locally manufactured drugs and 20% on imported drugs. He said that people should see the return of many medicines that were previously experiencing a shortage.

Ismail noted that the government is determined to continue with its plans towards the reform of national companies operating in the pharmaceutical industry and its production capacity so as to have a bigger share in the Egyptian market, which will positively reflect on the availability of drugs.

According to Ismail, negotiations with Iraq to import oil are ongoing, and terms and conditions of supply operations from the Iraqi side are under study.

The coming period will witness a further influx of direct and indirect investments to Egypt, which will be positively reflected in the GDP. Non-oil Egyptian imports started to decline during the last period, which will provide opportunities for national industries to expand and to provide alternatives in the market, according to Ismail.

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