Prime Minister Moustafa Madbouli said that President Abdel Fattah El Sisi gave directives to study the future indicators of Egypt’s economy and to continue to promote the role of the private sector in shoring up the country’s economy in the coming stage.

During his meeting on Monday with a mini group to review the performance and future indicators of the Egyptian economy, the premier said that the outcome of the studies of the working group will be presented to the economic group ahead of referring it to President Sisi.

Madbouli was briefed on the results of the first phase of the socio-economic reform program of the real and financial sectors. The meeting also underscored that the economic reform program led to the improvement and stability of the most important macroeconomic indicators, which are used to analyze current and future trends – whether for investment purposes or to judge the health of the economy.

It also highlighted that international institutions and development partners lauded these economic reforms that were the main supporter for the Egyptian State to respond quickly and effectively to the global outbreak of the coronavirus pandemic and cushion its negative impacts on economic activities.

The meeting also took up the role played by the government in this regard and its management to strike a balance between stimulating the economic activity, in parallel with maintaining the path of fiscal consolidation as far as possible.

The meeting also addressed economic growth scenarios and future forecasts. The participants also agreed that an increase in the real GDP per capita backs the State’s efforts to reduce poverty rates on the basis of the equitable geographical distribution of economic and social development.

In statements, Cabinet Spokesman Nader Saad said that the participants asserted that investment constitutes the driving force for achieving high growth rates, noting that for the first time in Egypt’s history, the total amount of investments exceeded EGP 1.25 trillion in the fiscal year 2021-2022.

The meeting also underlined that there are several promising sectors that greatly contributed to the economic growth in the recent period, topped by the telecommunications sector, in addition to some activities related to the transport and storage sector, the spokesman added.

The meeting was attended by Planning and Economic Development Minister Hala el Saaed, Deputy Minister of Finance for Fiscal Policies and Institutional Development Ahmed Kjok, Deputy Minister of Planning and Economic Development Ahmed Kamali, Deputy Governor of the Central Bank of Egypt Rami Abul-Naga and Associate Minister for Economic Policies at the Ministry of Planning Hussein Kamal.

Source: State Information Service Egypt