Madbouly stressed that Egypt has maintained an economic growth rate of 5.3% despite successive regional challenges, noting that international institutions continue to praise the resilience of the Egyptian economy.
Prime Minister Mostafa Madbouly said Egypt does not currently require a new program with the International Monetary Fund (IMF), noting that discussions with the Fund’s mission are progressing smoothly and that the current program is scheduled to conclude in December.
In a press conference following the Cabinet meeting, the Prime Minister said the new fiscal year will feature a comprehensive package of tax and real estate incentives designed to encourage both domestic and foreign investment, adding that these measures are expected to support economic activity and further improve Egypt’s investment climate.
Madbouly stressed that Egypt has maintained an economic growth rate of 5.3% despite successive regional challenges, noting that international institutions continue to praise the resilience of the Egyptian economy.
He added that Egyptian bond yields have remained largely unaffected by regional conflicts, underscoring the stability of the country’s economic fundamentals.
On public spending priorities, Madbouly announced a 30% increase in healthcare allocations and a 20% rise in education spending in the new fiscal year.
He also revealed that the industrial sector will receive significant support, with around EGP 90 billion allocated to stimulate industrial growth and production.
Regarding the government’s state ownership policy, Madbouly confirmed that several state-owned companies are expected to be listed on the Egyptian Exchange before the end of September, while decisions related to economic authorities will begin to be issued during the current month.
The Prime Minister also said Egypt is moving toward becoming a producer of pharmaceutical raw materials, while continuing to expand investments in renewable energy projects.
He emphasized that the government is making every effort to ensure uninterrupted electricity supply throughout the summer season.
Madbouly further announced that the first logistics distribution center in the Suez Canal Economic Zone will be unveiled soon as part of efforts to strengthen Egypt’s role as a regional logistics and trade hub.
On subsidy reform, he said the government is pursuing a gradual transition from in-kind subsidies to a cash-based support system, with assistance targeted toward the most vulnerable groups through clearly defined eligibility categories.
Madbouly also noted that remittances from Egyptians abroad continue to rise, reflecting confidence in the resilience and stability of the Egyptian economy.
