PM: Egypt capable to meet economic obligations despite regional challenges

CAIRO – 11 December 2024: Prime Minister Mostafa Madbouly underscored Egypt's steadfast ability to fulfill its economic obligations and dues despite the unprecedented challenges facing the region as he addressed the nation on Wednesday.

During a press conference, Madbouly reassured citizens regarding the state's preparedness to supply all essential commodities and services to the population for the upcoming year.

He stressed that the government has devised various scenarios to handle any potential future incidents.

Madbouly highlighted Egypt as an oasis of stability, boasting a secure climate, safety, and a stable economic landscape with a clear monetary policy.

The prime minister affirmed that the Suez Canal, a significant source of foreign currency, continues to face impacts from regional challenges.

He expressed optimism for the resolution of regional conflicts by 2025 and the subsequent return of the Suez Canal's revenues to normal levels.

OFFERING COMPANIES

During the press conference, Madbouly disclosed the government's plans to offer 11 companies for sale during the upcoming year, prominently featuring the military-affiliated Wataniya, Safi, Silo Foods, and ChillOut.

Wataniya and Safi are scheduled to be offered by mid-2025 as part of the country's Initial Public Offering (IPO) program, with the remaining two companies set for offering by the end of 2025, the prime minister noted.

Madbouly also mentioned that shares from the state-owned Alexandria Bank and Banque du Caire will be included in the offerings.

The prime minister mentioned that these companies will be made available either for partnership with strategic investors or through a public offering on the Egyptian Stock Exchange.

Madbouly reiterated the decline in inflation to 25.5 percent in November, marking the lowest figure in the past two years.

Additionally, the Central Bank of Egypt (CBE) reported an increase in foreign reserves to about $47 billion over the previous month, affirming the government's commitment to ongoing reform measures.

The prime minister confirmed the positive progress of Egypt's program with the International Monetary Fund (IMF), stating that all steps related to the fourth review process will be finalized in the upcoming days.