Prime Minister Dr Mostafa Madbouly chaired the first meeting of the Coordinating Council for Monetary and Financial Policies, which was formed upon Republican Decree No. 584 of 2021, to establish a mechanism for coordination between the monetary policy of the Central Bank of Egypt and the government’s financial policy.

The Prime Minister said the meeting is the first for the Coordinating Council for Monetary and Financial Policies, aims at reviewing the role entrusted to the Council as regards coordination between the financial and monetary policies of the state.

Given the conditions the world is going through at this exceptional stage where uncertainty prevails regarding the extent and impact of the economic repercussions of the Coronavirus pandemic and prospects for the global economy in the coming period are not clear, the council plays a key role in terms of preserving the gains reached, thanks to the economic reform program, despite the faced challenges, he said.

The agenda of the meeting included the objectives and priorities of the fiscal and monetary policies during the coming period, he said, pointing out to measures currently being taken by the government to encourage the private sector to increase its investments and lead a number of sectors during this stage. The government is largely supportive of the private sector in most productive sectors, such as industry, communications, agriculture, and others, he noted.

The meeting was attended by Tarek Amer, the Governor of the Central Bank of Egypt, Dr Hala Al-Saeed, the Minister of Planning and Economic Development, Dr Mohamed Maait, the Minister of Finance, Dr Ashraf El-Araby, an experienced board member, Gamal Negm, the CBE Deputy Governor, Ramy Abul-Naga, the CBE Deputy Governor, Mohamed El-Etreby, the President of the Federation of Egyptian Banks and others.

Source: State Information Service Egypt