CAIRO – 7 March 2024: One day after the floatation of the Egyptian pound, Prime Minister Mostafa Madbouli held Thursday a press conference at the Port of Alexandria where he oversaw the release of certain imported goods giving key statements on measures to be taken in the near future.
The prime minister highlighted that experts had estimated that the Egyptian economy would go back on the right track in a few months. He also showcased that the government was prioritizing securing food staples such as sugar; of which, one million tons would be imported this year.
In that regard, Madbouli underscored that essential imported goods were being released from four seaports. Those are mainly food, animal feed, medicines, and production inputs.
“I instructed the Ministry of Interior to tighten its grip on the black market,” the prime minister stressed.
The Egyptian government "is preparing for signing mega investment deals soon… The government is reassured about its ability to secure the amount of foreign currency necessary to push forward the economy," Madbouli said.
As for development plans, the prime minister revealed that on top of public investments in the coming period is ‘Decent Life’ initiative aimed at developing rural villages nationwide. He also added that public expenditure would be reduced.
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