Egyptian Economic Conference 2022's recommendations.. most notably reducing debt ratio, issuing pound index

CAIRO – 25 October 2022: The activities of the third day of the Egyptian Economic Conference ended in the presence of President Abdel Fattah El-Sisi, Prime Minister, Mostafa Madbouli and a number of government ministers and businessmen. 

 

The closing session of the conference witnessed the announcement of the important recommendations that the conference reached, based on the opinions and contributions of experts and specialists who participated in the conference sessions during its three days. They were announced by Diaa Rashwan, the Syndicate of Journalists and the General Coordinator of the National Dialogue.

 

Egypt Today (ET) reviews that the most prominent recommendation issued during the conference:

 

• Decreasing the debt-to-GDP ratio, in addition to continuing an initial surplus to enhance the state's ability to pay its obligations.

• Reaching an immediate agreement with the international monetary fund (IMF)

• The importance of having a flexible exchange rate to reflect market dynamics of supply and demand as a tool to absorb external shocks.

• Issuance of a currency index for the Egyptian pound based upon the currencies of major trade partners and gold

• Enhancing private sector contributions by prioritizing exiting through initial public offering (IPO) of stocks in order to expand ownership base

• Transferring the ownership of several state owned companies to Egypt’s sovereign wealth fund (SWF) to add further strength to its influence.

• Introducing a package of financial and tax incentives for the private sector aimed for developing the educational sector.

• Developing operational procedures with the purpose of promoting the real estate market on a global level.

• Establishing an industrial area for information and communications technology in the near future.

• Strengthening local production and increasing exports through the program of repaying export burdens and facilitating access to new markets.

• Activating the law of local product preference in governmental contracts.

• Activating the role of commercial services representatives and international exhibitions along with consolidating the role ‘Start’ initiative established to support production sectors.

• Easing state partnership protocols for new and pre-existing hospitals through the private sector’s administration for health facilities by concession, in addition to loan facilities for health related projects, especially within new communities.

• Transforming industrial areas into integrated residential areas, providing workers with suitable habitation and decreasing the cost of workers’ transportation.

• Empowering agricultural cooperatives and associations by implementing structural, financial and administrative reforms to further strengthen its role in achieving food security and providing efficient transport lines to deliver fresh produce to targeted markets.