Prime Minister Mostafa Madbouly announced that Egypt is targeting a reduction in the inflation rate to less than 10% by the beginning of 2026 at the latest.
Madbouly addressed reporters in a press conference on Thursday 8/8/2024 following the weekly Cabinet meeting in Alamein City. Here are the key points from the Prime Minister’s statements:
The total amount of hot money exiting Egypt recently accounted for no more than 7-8% of the total market funds.
The hot money that left Egypt is unrelated to the primary sources of Egypt’s reserves. This should not cause any concern for us.
Foreign currency reserves within Egypt remain stable, ensuring the security of the state’s primary needs.
A comprehensive and transparent tax policy will be unveiled within a month.
There will be a clear strategy to bolster exports.
Reduction of inflation to below 10% marks a pivotal role for the government in the upcoming period.
Madbouly reassured the Egyptian populace that the country’s economic conditions are stable, with
reserves sufficient to cover the next eight months.
Despite having a clear vision, the government is susceptible to unforeseen shocks, such as escalating events in the Middle East and their global market implications.
Adjustments to the Initial Public Offering (IPO) program will be made in response to evolving global circumstances.
Dismissing speculations about the sale of airports, Madbouly emphasized the state’s objective to enhance airport efficiency and operations through collaborations with specialized global firms.
Stressing the significance of technical education, he highlighted that advanced nations allocate over 50% of their education to technical training, underscoring its importance for Egypt’s future.
Labor law stands as a legislative priority crucial for the state in the foreseeable future.
Source: State Information Service Egypt