Egyptian PM highlights new government’s priorities

CAIRO - 4 July 2024: Prime Minister Mostafa Madbouli held Thursday a press conference after the first Cabinet meeting of the new government to highlight priorities. 

Those are preserving national security, political empowerment, implementing the outcomes of the National Dialogue, human rights, enlarging the role of civil society, promoting moderate religious discourse, boosting exports, continuing economic reforms, attracting FDI and encouraging the private sector.

The prime minister further underscored that there was a focus on the localization of various industries and that work was underway to improve the distribution of subsidies. 

“I consulted with dozens of economic experts to fix the subsidies system. There was consensus among them that we should shift from in-kind subsidies to monetary subsidies. Going with either type of subsidies, we need to identify clear specifications on who really needs subsidies as still some of those who receive it don’t deserve it. Also, we need to carefully consider introducing tiers of subsidies so as some beneficiaries may obtain goods subsidized by 100%, others by 70% or 50%,” PM Madbouli explained. 

On the front of boosting tourism, the prime minister said, “we need to add more hotel rooms as the current figure is enough to host 18 million tourists per annum. Our target is 30 million per annum. Also, since the great majority of tourists flocking to Egypt come by air, we’re giving care for EgyptAir and affiliate airlines to operate more flights and develop their fleets.” 

Regarding the electricity crisis, PM Madbouli stated that different ministries are concerting efforts to set a precise date for ending power-saving electricity cuts. He reaffirmed that contracts had been signed to import sufficient quantities of fuel to stop electricity cuts, and that $1.2 billion had been allocated to end the crisis, pointing out that the decision of closing stores at 22:00 is aimed at saving power. 

In respect of the new Cabinet, the prime minister said that merging ministries is targeted at enhancing coordination, achieving integration, and better working towards decreasing deficits and foreign debt. 

“During talks with candidates approached to become ministers, I was eager to listen to their vision on handling the challenges they would have to deal with at work,” he added.