Egypt forms ministerial group to formulate economic recovery plan

CAIRO – 23 April 2022: A specialized economic group of Egyptian ministers has been assigned to formulate a plan for economic recovery and to get out of the impacts of the ongoing global economic crisis, said Egyptian Prime Minister Mustafa Madbouli in a statement on Friday.

 

Madbouli said that this economic recovery plan will be implemented through a package of measures that aim to stimulate foreign and local investments, upon President Abdel Fattah El-Sisi’s recommendations.

 

A press conference will be held after the Eid al-Fitr holidays to announce the details of a document for the state’s ownership policy as a national strategy that aims at expanding the base of private sector participation, the Prime Minister added.

 

In a meeting with a group of journalists and media personnel on the sidelines of his inspection tour on Thursday in Upper Egypt’s Toshka project on Thursday, President Sisi said that Egypt faced two “extremely cruel” crises, obviously referring to the coronavirus pandemic and the Ukraine crises.

 

He affirmed that Egypt managed to build resilience against those crises thanks to the economic reform program launched in November 2016.

 

“If this (the economic reform program) did not happen, our situation would have become very hard currently or at the time of the coronavirus crisis,” Sisi said, adding that economic reforms have made the country more resilient to economic crises.

 

The Egyptian economy managed to withstand and absorb international shocks and achieve a positive growth, Sisi said, adding that the current crisis is of a very serious impact.

 

He affirmed that the Ukraine crisis has highly affected world countries, including Egypt, highlighting that he has been keen to ensure the availability of a strategic reserve of basic commodities to face possible crises.

 

The state managed to make basic commodities available in abundance despite the international crisis, the president added.