CAIRO – 6 November 2024: In a recent press conference following a government meeting, Prime Minister Mostafa Madbouly reaffirmed the government’s commitment to reducing burdens on Egyptian citizens and prioritizing economic growth.
He assured that no new policies will be introduced that could increase financial pressure on households.
Madbouly shared that Egypt’s external and total debt has decreased by 89 percent, a milestone he believes will fuel the nation’s return to accelerated economic expansion.
The government’s primary goal, he emphasized, is to drive growth while safeguarding citizens’ well-being.
Addressing Egypt’s relations with the Nile Basin countries, Madbouly expressed a welcoming stance on regional development projects, provided they do not compromise Egypt’s water security.
Highlighting expected benefits for Egyptians, the Prime Minister pointed to decreasing inflation and the promise of new job opportunities. These improvements, driven by Egypt’s flexible exchange rate policy, have earned international recognition for helping stabilize the economy.
When discussing Egypt’s program with the International Monetary Fund (IMF), Madbouly clarified that the program aligns with Egypt’s own development vision, reaffirming the government’s commitment to economic reform. The IMF has reported a positive inflation outlook, suggesting reduced cost pressures for Egyptians in the near future.
Madbouly concluded by designating fiscal year 2024/2025 as the “year of recovery,” signaling a new phase of economic resilience and growth for Egypt.
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