President of Egypt Meets with Economic Ministerial Group
Today, President Abdel Fattah El-Sisi met with the Economic Ministerial Group, in the presence of Prime Minister, Dr. Mostafa Madbouly, Governor of the Central Bank, Mr. Hassan Abdallah, Director of the Egyptian General Intelligence Service, Major General Abbas Kamel, Minister of Planning and Economic Development, Dr. Hala El-Said, Minister of Planning of International Cooperation, Dr. Rania Al-Mashat, Minister of Finance, Dr. Mohamed Mait, and Presidential Advisor for Financial Affairs, Major General Mohammed Amin.
The Spokesman for the Presidency, Counselor Ahmed Fahmy, stated that the meeting discussed the current position of the world economy, given the unprecedented challenges that had been intensified over the past two years. Such challenges disrupted global supply chains and contributed to the increase of strategic commodity prices and the slowing down of international growth rates, thus placing exceptional pressure on most of the world’s nations.
The meeting also witnessed the presentation of the indicators of the overall performance of the Egyptian economy. It was noted that GDP growth continued during the first half of the current fiscal year 2022/2023 and expected to achieve growth of up to 4.2% by the end of the current fiscal year. It was also noted that the export rate has increased, trade balance deficit has decreased, and operation rates have soared. Ongoing efforts to support domestic and foreign private investments in the face of current challenges and difficulties were also presented.
President El-Sisi directed that further efforts be made to contain and mitigate the consequences of the global crisis on Egypt’s economy. The President also directed that more efforts be also made to promote the sustainable growth of the GDP, improve the investment environment, and encourage the private sector. These efforts are part of the State’s commitment to the principle of competitive neutrality and keenness to help different sectors overcome investment obstacles.
