Egypt has plan to provide hard currency, aware of price increase crisis: PM

CAIRO - 7 December 2022: There is a plan to develop a vision for providing hard currency for the coming period until June 30, 2023,  the Prime Minister, Mostafa Madbouli stated in a press conference, Wednesday.

 

Madbouli elaborated that the government is aware that there is a rise in prices.

 

“We are trying to reduce the burden on the citizens, and the government subsidizes the groups that need support," the Prime Minister stated.

 

He noted that most of the news on social media is directed at harming the Egyptian economy, Madbouli

 

Commenting on the dollar and gold prices, the PM said that the government has a plan to deal with the challenges resulting from the global crisis.

 

The government intervenes with a sensitive balance in the price increase crisis, because violence in dealing with the crisis will lead to the disappearance of goods, Madbouli said.

 

“National projects undertaken by the state provide millions of job opportunities for the youth,” Madbouli announced.

 

Furthermore, he revealed that the state is required to provide from 800 to one million job opportunities annually, Madbouli

 

Madbouli said that the Egyptian government is working according to a specific vision to confront the repercussions of the global crisis, pointing out that the government has worked to empower the private sector in accordance with more than one axis of the state ownership policy document.

 

“The state ownership policy document was finally approved,” Madbouli announced, stating that the government will be committed to implement the state ownership policy document over the next 3 or 5 years.

 

“The performance of the Egyptian Stock Exchange (EGX) is positive in light of the recent decisions,” Madbouli noted.

 

According to the Prime Minister, Egypt attracted $9 billion direct investments during 2021.

 

He added that the investor, who wishes to obtain the golden license, applies directly to the Cabinet to shorten the distance and procedures.

 

The Cabinet launched a website link to receive applications from investors wishing to obtain a "golden license", via: https://www.cabinet.gov.eg/GoldLicense

 

He announced that a higher committee has been formed to develop a vision for holding a global conference to promote investment in Egypt during the first half of 2023.