Egypt’s National Dialogue discusses rationalizing public investment spending on 3rd day

CAIRO – 28 February 2024: Specialists and government representatives have continued to discuss economic challenges on the third day of phase two of the National Dialogue, a platform to exchange perspectives on key political, economic, and social issues.

On Wednesday, the dialogue is holding a session titled “Rationalizing Public Investment Spending” as part of other sessions during the day to explore best solutions for tackling the ongoing economic challenges.

Over the past two days, the dialogue held closed sessions to discuss crucial economic issues, notably managing foreign debt, restructuring public debt, utilizing available assets to increase investments.

The sessions have also brought government officials and specialists to discuss measures to control soaring prices and inflation rates, monitor markets, protect consumers, promote competition, and prevent monopolistic practices.

Proposed measures focused on finding swift and practical solutions to the nation's economic hurdles 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 in January.

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 significant development, 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.