Prime Minister Mostafa Madbouly announced that Egypt's external debt has decreased by over $15 billion in just six months. In a press briefing following the Cabinet meeting, he outlined the government's ongoing economic reforms, emphasizing private sector empowerment.
The Prime Minister also stated that Egypt is aiming to bring down inflation to below 10 percent by the end of 2025, with a portion of the budget being directed towards public projects to help achieve this target.
Madbouly revealed that recent developments have led to the canal losing over 60 percent of its revenues, translating into a loss of around $600 million each month.
He highlighted the critical role of internal stability in advancing the government's program and meeting its economic objectives.
As the country faces economic hurdles and regional tensions, a strategic focus on key sectors, including clean energy expansion, is seen as essential to fortifying Egypt's economy.
The rise in oil and gold prices, influenced by regional events, has posed a dual challenge, impacting Egypt’s economic landscape.
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