Egypt's president orders continuing studying global crisis scenarios, its effects on economy

CAIRO - 5 September 2022: Egyptian President Abdel Fattah El-Sisi has ordered continuing examining the impact of various global crises on the country's economy performance to figure out expected scenarios so as to ensure maintaining the positive track and economic and financial indicators Egypt has achieved.

This should contribute to allowing the country to overcome any challenges and sustain the positive results Egypt has achieved as a result of economic reforms, a statement by the Egyptian Presidency read.

Sisi made the remarks during a meeting on Monday with Prime Minister Mostafa Madbouly and Minister of Planning and Economic Development Hala El-Said to review developments related to economic indicators.

During the meeting, Minister Said reviewed the global economic indicators, which have been impacted by several current global developments, especially the repercussions of the Russian-Ukrainian crisis and the Coronavirus pandemic.

The meeting addressed the role played by the private sector regarding the Egyptian economy and the significant contributions of the economic activities sectors to the GDL, particularly transformative industries, agriculture, trade, real estate activities, and construction.

During the meeting, Said reiterated that Egypt has achieved a high positive growth rate during the previous FY 2021/2022, given the safe and balanced path that the Egyptian economy has adopted over the recent period.

The economy has showed resilience in addressing the circumstances and challenges that cast a shadow on global economic growth, caused a slowdown in economic activity, increased inflation rates worldwide, and led to record energy and food price hikes.

The president was briefed on the future plan of the Sovereign Fund of Egypt in 2023 to attract further investments from other sovereign funds as well as regional and international investors.

"This represents one of the most important objectives for the establishment of the Fund, especially in the sectors of utilities, infrastructure, water desalination plants and green hydrogen projects," the statement said.

Moreover, the Fund established a sub-fund for the offerings to manage and restructure assets with multiple issues.

In this regard, ordered enhancing efforts and role of the Fund to attract investments for the benefit of the national economy with the aim of achieving the objectives of the state’s development strategy.

"The strategy considers the private sector an essential partner in the development process in line with the economic reform plan and priority sectors in this framework," the statement added.