CAIRO - 24 July 2024: Prime Minister, Mostafa Madbouly, underscored the critical importance of channeling the collective efforts of the ministerial economic group towards bolstering key economic indicators. Of particular concern is the pressing need to address the downward trend in inflation rates.
Madbouly noted a notable decrease in inflation rates, which fell to approximately 27.5 percent in June 2024 from around 35.8 percent in the corresponding month of the previous year.
Similarly, core inflation rates exhibited a downward trajectory, standing at 26.7 percent in June 2024 compared to about 41 percent in the same period last year.
Madbouly pointed out the commendable enhancement in net foreign reserves, which surged to $46.4 billion by June 2024.
The Prime Minister reiterated the necessity of bolstering key sectors to drive productivity, foster job creation, attract investments, and augment foreign exchange reserves.
He reaffirmed the government's unwavering commitment to realizing stringent financial objectives, ensuring fiscal sustainability, and curbing both domestic and external public debt levels.
In line with these objectives, the government is poised to enhance the efficiency of public expenditure, regulate investment outlays, and fortify tax administration practices.
Additionally, Madbouly stressed the urgency of securing Egypt's pharmaceutical needs and guaranteeing the sufficient availability of essential medications in the market.
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