CAIRO – 30 July 2024: Egypt is dedicated to reducing inflation to below 10 percent by the close of 2025, according to a statement by Prime Minister, Mostafa Madbouly.
Madbouly, in a recent press briefing, disclosed that the Suez Canal faces monthly losses ranging from $500 to $550 million due to regional tensions.
Looking ahead to the fiscal year 2024/2025, Madbouly is optimistic, envisioning a year of economic recovery and a return to solid growth pre-crisis.
Egypt's economic aspirations for 2025 include achieving a growth rate of 5.5 percent. The government's daily expenditure of LE 450 million to stabilize petroleum prices underscores their commitment to economic stability.
before recent challenges, Egypt boasted some of the highest growth rates globally. Madbouly is resolute about reigniting this growth trajectory.
Foreign investment is a key focus for the government, with Madbouly assuring potential investors of streamlined processes and a conducive investment climate.
Addressing concerns about escalating prices, especially in light of recent oil price hikes, a strategy to incrementally adjust diesel prices until 2025 has been initiated to curb inflation.
Madbouly prioritizes energy security and the shift towards renewable energy sources, highlighting ongoing projects aimed at averting future power shortages.
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