Sisi directs gov. to contain effects of global economic crunch on Egypt’s economy

CAIRO – 19 April 2023: Egypt’s President Abdel Fattah El Sisi met on Wednesday with the Economic Ministerial Group, as he discussed the current position of the world economy, given the unprecedented challenges that had been intensified over the past two years

President Sisi directed the government to intensify efforts of containing the effects of the global economic crunch on Egypt's economy and easing its burdens on Egyptians.

Attended at the meeting, Prime Minister, Mostafa Madbouly, Governor of the Central Bank, Hassan Abdallah, Director of the Egyptian General Intelligence Service, Major General Abbas Kamel, Minister of Planning and Economic Development, Hala El-Said, Minister of Planning of International Cooperation, Rania Al-Mashat, Minister of Finance, Mohamed Mait, and Presidential Advisor for Financial Affairs, Major General Mohammed Amin

Spokesperson for the Presidency, Ahmed Fahmy, said that the meeting witnessed the presentation of the indicators of the overall performance of the Egyptian economy.

It was noted that GDP growth continued during the first half of the current fiscal year 2022/2023 and expected to achieve growth of up to 4.2% by the end of the current fiscal year. It was also noted that the export rate has increased, trade balance deficit has decreased, and operation rates have soared. Ongoing efforts to support domestic and foreign private investments in the face of current challenges and difficulties were also presented.

President Sisi directed that further efforts be made to contain and mitigate the consequences of the global crisis on Egypt’s economy.

 The President also directed that more efforts be also made to promote the sustainable growth of the GDP, improve the investment environment, and encourage the private sector. These efforts are part of the State’s commitment to the principle of competitive neutrality and keenness to help different sectors overcome investment obstacles.