Egyptian administration prioritizes economic, financial, food security amid global challenges
Date
5/12/2024 4:55:15 AM
(MENAFN) Egyptian Finance Minister Mohamed Maait emphasized the government's commitment to safeguarding Egypt's economic, financial, and food security, highlighting its integral role in national security. In response to current global and regional challenges, the government is implementing comprehensive measures aimed at bolstering the nation's resilience and enhancing citizens' well-being.
Maait underscored the importance of maximizing state capabilities to improve citizens' lives, address their basic needs, and elevate public service standards. Against the backdrop of successive global crises, Egypt's strategy focuses on agricultural development to ensure the availability of high-quality products at affordable prices, thereby safeguarding food security from international and regional fluctuations.
The government's agenda includes expanding agricultural projects and food processing initiatives to achieve self-sufficiency and boost export rates. A key aspect of this strategy involves maintaining strategic reserves of essential commodities for at least six months, ensuring stability and resilience in the face of market volatility.
Maait highlighted international confidence in Egypt's economic trajectory, citing opportunities for both local and foreign investments. Prospects for economic growth have garnered positive attention from international rating agencies, with expectations of an improved classification for Egypt in 2024.
The government is actively engaging with investors to support agricultural and industrial production through financing initiatives. Notably, the ongoing initiative to provide financing facilities totaling approximately 120 billion pounds (USD2.54 billion) reflects a shared commitment to stimulating economic growth and development.
Overall, Egypt's proactive approach underscores its determination to navigate global challenges while fostering sustainable economic growth, enhancing financial stability, and ensuring food security for its citizens.
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