Egyptian PM deliberates economic struggles, reforms
Date
5/13/2024 6:03:11 AM
(MENAFN) During his participation in the "International Finance Corporation Day" conference, Egyptian Prime Minister Dr. Mustafa Madbouly addressed the impact of regional conflicts on the Egyptian economy, leading to a depletion of foreign currency reserves. Speaking in the presence of Sergio Pimenta, Vice President of the International Finance Corporation for Africa, along with representatives from the International Finance Corporation, government ministers, and private sector stakeholders, Madbouly highlighted the challenges stemming from military conflicts in the Middle East region, underscoring their adverse effects on Egypt's economy and international trade.
Despite these challenges, Madbouly emphasized that Egypt's economy continues to exhibit sustainable and steady growth, albeit amidst external risks. He outlined recent decisions and measures undertaken by the Egyptian government to address and mitigate these challenges successfully. Notably, Madbouly highlighted the completion of the first and second reviews with the International Monetary Fund (IMF) in March as a significant milestone in Egypt's economic strategy.
Madbouly elaborated on the structural reforms driving Egypt's economic agenda, which include several key pillars. These pillars encompass the implementation of a flexible exchange rate mechanism determined by supply and demand dynamics, adjustments in financial policies, stringent monetary measures to combat inflationary pressures, and enhanced control over public spending, particularly in infrastructure development initiatives.
The Prime Minister's remarks underscore Egypt's proactive stance in navigating economic headwinds and implementing strategic reforms to bolster resilience and sustainability. By engaging with international financial institutions and fostering partnerships with the private sector, Egypt aims to chart a course of economic growth and prosperity, notwithstanding the challenges posed by regional conflicts and global uncertainties.
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