Egypt's National Dialogue convenes gov’t officials, specialists to address economic challenges on Monday

CAIRO - February 26, 2024: Egypt's National Dialogue, an initiative aimed at advancing key political, economic, and social issues, will bring together government officials and specialists on Monday to tackle pressing economic challenges.

The dialogue enters its second phase today with closed sessions focused on finding swift and practical solutions to the nation's economic hurdles.

Proposed measures specifically targeting these challenges will be presented to President Abdel Fattah El-Sisi.

This phase of the dialogue centers on the economy in response to President Sisi's call for a "deeper and more comprehensive" discussion in this field during the 72nd anniversary of Police Day last month.

"While many local experts express their opinions on TV channels and in newspapers, there is a significant difference between offering an opinion and implementing it in light of public sentiment... while taking into consideration various circumstances," remarked President Sisi.

Significant developments

The dialogue takes place just days after Egypt announced the securing of $35 billion in foreign direct investment (FDI) over the next two months through a groundbreaking agreement between Egypt and the United Arab Emirates on Friday.

The agreement, focused on a development project in the Ras El-Hikma area on the North Coast, represents the largest amount of FDI in Egypt's history.

Prime Minister Mostafa Madbouly stated that it will help alleviate the country's current foreign currency shortage.

In the past two years, Egypt has faced a substantial shortage of hard currency and severe inflation. Three rounds of currency devaluation since March 2022 have resulted in over a 70 percent depreciation of the Egyptian pound against the US dollar, accompanied by significant price increases for essential goods.

In a positive development, the International Monetary Fund (IMF) recently reported progress in its discussions with Egypt to strengthen the country's existing $3 billion loan, which aims to provide additional foreign currency funds.

IMF spokesperson Julie Kozack emphasized the importance of a comprehensive support package to address Egypt's economic challenges and achieve financial stability.

Prime Minister Madbouly stated on Thursday that the government is in the final stages of securing an agreement with the IMF.

In the meantime, thanks to security campaigns targeting illicit foreign currency trading, the gap between the official exchange rate of the US dollar in the formal market and its rate in the parallel market has narrowed this month.

Inclusion of political issues

Diaa Rashwan, the General Coordinator of Egypt's National Dialogue, clarified that focusing on economic issues does not mean neglecting the political and social aspects of the dialogue.

He pointed out that the dialogue's Board of Trustees will set the agenda for discussing political and social matters in the coming period, which will be made public.

The outcomes of the second phase of the dialogue will be announced in detail to the public, respecting people's right to information and follow-up, Rashwan said.

He emphasized that the dialogue belongs to the entire Egyptian society.

The Egyptian National Dialogue was initiated in May 2023, involving political forces, civil society, labor unions, and public figures, with the goal of reaching consensus on solutions for key political, economic, and social issues.

The dialogue was called for by President Sisi, who urged political forces to find common ground on priority issues in these three sectors.

In addition to launching the dialogue, President Sisi activated the Presidential Pardon Committee.

Since then, hundreds of pretrial detainees have been released, and several convicts, including renowned political activists and other prominent figures, have received presidential pardons.

Last year, President Sisi pledged to ratify the decisions of the National Dialogue "without restrictions or conditions," through either himself or the parliament.