Cairo: The Ministry of Planning, Economic Development and International Cooperation has highlighted the main features of the first chapter of the "National Narrative for Economic Development: Policies Supporting Growth and Employment," which focuses on macroeconomic stability as a fundamental condition for the success of development efforts in Egypt. Economic stability serves as the foundation from which state policies aim to achieve inclusive growth, enhance the confidence of local and foreign investors, reduce economic risks, support job creation, and increase the competitiveness of the national economy.
According to State Information Service Egypt, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat asserted that macroeconomic stability is essential for creating a conducive environment for growth and investment. This involves adopting disciplined fiscal and monetary policies that enhance confidence and stability, managing public finances by rationalizing expenditure, expanding the tax base, and improving resource allocation efficiency. These efforts ensure that fiscal policy is growth-oriented and based on effective partnership with the private sector.
She also emphasized that the governance of public investments is a pivotal tool to ensure that capital expenditure is directed towards developmental priorities. This approach allows space for private sector investments and maximizes the economic and social impact of public spending.
Al-Mashat explained that as part of the state's commitment to enhancing macroeconomic stability, the General Planning Law No. 18 for the year 2022 and the Unified Public Finance Law No. 6 for the year 2022 have been enacted. These laws are key steps to enhance strategic planning, the effectiveness of public spending, and the integration of developmental policies with the budget in a more comprehensive and transparent manner.
She noted that the government is working to enhance the integration between the sustainable development plan and the medium-term budget to ensure that public resources are directed towards developmental priorities. A new methodological framework for preparing the plan within a medium-term timeframe extending until 2028/2029 has already been adopted. Institutional coordination is underway between the Ministry of Planning, Economic Development and International Cooperation and the Ministry of Finance, based on the General Planning Law and the Unified Public Finance Law.
Al-Mashat added that the government aims to implement more than 100 structural reform measures concerning fiscal and planning policies and efforts to transition to a green economy. These measures will be implemented by several entities, including the Ministry of Planning, Economic Development and International Cooperation, the Ministries of Finance, Labour, and Social Solidarity, the Financial Regulatory Authority, among others.
Among these measures are the restructuring of economic bodies and the issuance of a consolidated final account for the government, including the bodies, preparing a guide on the methodology for preparing and compiling public government data, preparing an analytical report on the performance of the public government, applying participatory budgeting in three governorates, publishing a medium-term financial strategy, preparing a draft procedural guide for programme and performance budgeting, updating and publishing a medium-term debt management strategy, expanding the scope of statistical reports on public government debts, taking necessary measures to allow individual investments in government debt instruments, applying a unified and simplified tax system for small and medium enterprises, generalizing the electronic tax platform, in addition to issuing the executive regulations for the General Planning Law No. 18 for the year 2022, issuing a medium-term planning report, publishing the procedural guide for prep aring the medium-term development plan, issuing a semi-annual and annual report on public investments, preparing and publishing the national employment strategy, and completing the national strategy for integrating the informal sector.
The Ministry of Planning, Economic Development and International Cooperation launched the "National Narrative for Economic Development" on 7 September, under the patronage and in the presence of Dr. Mostafa Madbouly, Prime Minister.
The "National Narrative for Economic Development" represents a comprehensive framework that achieves integration between the government's work programme and Egypt's Vision 2030. It aims to shift towards an economic model that focuses on reinforcing macroeconomic stability, with greater emphasis on the highest productive sectors and those most capable of penetrating export markets. This approach benefits from the achievements made in advanced infrastructure and redefines the role of the state in the economy, thereby enhancing the competitiveness of the Egyptian economy and stimulating private sector participation as a continuation of the economic reform path.
The narrative is also considered an economic reform programme and a tool for promoting the pillars of the Egyptian economy. It reflects the policies and structural reforms that support growth, employment, and investment attraction, enhancing private sector participation, highlighting available financing alternatives, and shedding light on promising sectoral opportunities.
Additionally, the Ministry of Planning, Economic Development and International Cooperation has initiated community dialogue sessions within the framework of the "National Narrative for Economic Development: Policies Supporting Growth and Employment," with the participation of a wide range of ministers, multilateral and bilateral development partners, the private sector, and all relevant parties. Alongside this, the "Share Your Opinion in the Narrative" campaign allows specialists to access and contribute opinions on the various chapters through the ministry's website.