Regarding the recent decline of the EGP, the PM stated that the exchange rate is not related to the strength of the economy
Egypt’s Economic Conference kicked off today at the Al-Massa Hotel in the New Administrative Capital, organized by the government under President El-Sisi’s directives, with attendees ranging from government officials to economic experts.
The conference aims to develop clear policies and measures to increase the competitiveness and flexibility of the Egyptian economy, with President El-Sisi stating during his speech that the outcomes of the conference will represent the pillars of the reform path.
During the opening speech, Prime Minister Mostafa Madbouly stated that Egypt’s GDP growth over the past 20 years was recorded as 4.4%, with certain years reaching 7.2% and 7.5%. The PM clarified that Egypt was unable to keep pace with other middle-income countries which grew by 5% in the same period.
Regarding the recent decline of the EGP, the PM stated that the exchange rate is not related to the strength of the economy, indicating that climbing inflation rates are the problem not the exchange rate.
The state did not bear a “single pound” of the costs for the construction of the New Administrative Capital, which is being built on an area of 175,000 feddans, the president explained, noting that it was the private sector that bore its construction dues.
The 40 newly established cities provided an additional EGP 10 trillion to the Egyptian state’s balance, the president added.
The conference’s agenda is filled with various sessions and events over the three-day period, held under three tracks; macroeconomic policies, empowering the private sector and creating a business environment.
