President Abdel Fatah al-Sisi - file
CAIRO - 15 May 2024: Egyptian Prime Minister, Dr. Mostafa Madbouly, chaired Wednesday the weekly cabinet meeting, at the government headquarters in the New Administrative Capital, where a number of important work files were discussed and reviewed.
At the beginning of the meeting, the Prime Minister referred to the tireless efforts made by President Abdel Fattah El-Sisi, President of the Republic, to reach an agreement that would lead to an end to the human tragedy suffered by the Palestinian people, a ceasefire, and the completion of the exchange of hostages and prisoners.
During the meeting, Dr. Mostafa Madbouly revealed that the Egyptian government had received from the Emirati side the value of the second installment of the “Ras El Hekma” deal, as the amount had already reached $14 billion, which contributed to pumping more dollar resources.
Dr. Mustafa Madbouly added that, in addition, “We have begun, in cooperation with the Emirati side, in the procedures for waiving the value of an Emirati dollar deposit worth $6 billion, provided that its value is converted to its equivalent in Egyptian pounds, in accordance with what was agreed upon in the investment partnership agreement for the development of the Ras Al-Hekma city between Egypt and the Emirates.
The Prime Minister stressed during the meeting that the economic indicators are going very well, but the most important and challenging thing is to continue this approach, and what the state decided to set a ceiling on public spending, make room for the private sector, and pay attention to the sectors of industry, agriculture, communications, and tourism within the state’s plan for structural reform of the Egyptian economy.
In the same context, Dr. Mostafa Madbouly explained during the meeting that he communicates periodically and continuously with Hassan Abdullah, Governor of the Central Bank. According to him, there is currently great confidence from Egyptians abroad, which has been translated into a steady increase in remittances, and there is also a significant increase in the transfer of the dollar to the banking system and various exchange offices in light of the decline of the parallel market.
The Prime Minister moved on to talk about President Abdel Fattah El-Sisi's inauguration of the renovation works of the Sayyida Zeinab Mosque.
In a related context, the Prime Minister referred to the opening by President Abdel Fattah El-Sisi of the first phase of the industrial zone with the projects of the Egypt Future Agency for Sustainable Development in the New Delta and the start of the 2024 harvest season, and the important messages included in his interventions that stressed the importance of the project and its working mechanisms, as it is Egypt’s agricultural locomotive
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