Egyptian state will not fail to pay its financial obligations: PM

CAIRO – 29 April 2023: Egypt’s Prime Minister Mostafa Madbouli stressed that the state “did not and will not fail to pay its [financial] obligations in a press conference on Saturday.

Madbouli added that Egypt fully respects its commitments as a “standard of the Egyptian policy and a belief held by the state”.

Madbouli refuted claims by some international organizations with regard to the implications of the Ukraine crisis on Egypt, affirming to Egyptian people that the country is capable of paying its obligations.

The prime minister also affirmed full coordination between the government and the Central Bank of Egypt on a daily basis in this regard.

Madbouli made the statements after his tour of some factories and housing projects in the 10th of Ramadan and New Obour cities.

After the tour, Madbouli stressed the state’s support to the private sector and for investors, including through the new export support system.

Madbouli noted that Egypt is preparing to offer 10 more companies belonging to the Armed Forces on stock exchange after it had offered shares in army-owned Wataniya Petroleum Company and National Company for Producing and Bottling Water (Safi).

“The state will not refrain from the implementation of this program,” Madbouli said, adding that more companies will be announced through the program.