Baku:The government is intensifying its final preparations for the Egypt Forum, which is set to occur from October 19 to 24. Cabinet spokesman Mohamed Adel stated that Prime Minister Moustafa Madbouly is actively engaging with relevant ministers to deliberate on the key topics for discussion during the forum, with a particular focus on economic matters scheduled for the fourth day.
According to State Information Service Egypt, the forum will include a significant working session where the government will examine Egypt's economic performance over the past years and present its vision for an economic transformation program through 2030. The program is aimed at fostering sustainable growth, reinforcing the national economy's foundations, and enhancing its resilience against future challenges.
Adel highlighted that Egypt has achieved several economic milestones and implemented reforms in recent years, as evidenced by key macroeconomic indicators. The economic growth rate increased to 5.01%, and the debt-to-GDP ratio decreased from 95.5% in the fiscal year 2022/2023 to 81.9% in the previous fiscal year. Additionally, unemployment rates have fallen, and employment rates have risen.
The upcoming economic program seeks to transition to a more sustainable growth model, leveraging previous reforms and bolstering the national economy's capacity for expansion. These efforts aim to create greater fiscal space, generate additional resources for improving public services, and boost spending on priority sectors. In terms of stimulating domestic investment and expanding private sector partnerships, the government will outline its new economic program at the forum. This program will emphasize increasing productivity across economic sectors, enhancing the private sector's role, encouraging investment, and supporting small and medium-sized enterprises and entrepreneurship.
Adel further emphasized that increased private sector participation, investment support, and entrepreneurship are crucial components of the new economic program, which will contribute to improving economic performance, enhancing Egypt's competitiveness, and advancing development goals in the coming years.