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President El-Sisi Meets Economic Ministerial Group

Tuesday, 10 May 2022 / 05:36 PM

Today, President Abdel Fattah El-Sisi met with the Economic Ministerial Group. The meeting was attended by Prime Minister Dr. Moustafa Madbouly, Governor of the Central Bank of Egypt Mr. Tarek Amer, Minister of Planning and Economic Development Dr. Hala El-Said, Minister of International Cooperation Dr. Rania El-Mashat, Minister of Finance Dr. Mohammed Maait, Minister of Public Business Sector Mr. Hisham Tawfiq, Minister of Trade and Industry Ms.Nevin Gamea and Advisor to the President for Financial Affairs Major General Mohamed Amin.
The Spokesman for the Presidency stated that the meeting reviewed the work of the Economic Group and measures to address the repercussions of the global economic crisis on Egypt.
The governor of the Central Bank of Egypt reviewed the overall current monetary situation of the state. He confirmed that the Egyptian economy was able to absorb the severe global repercussions resulting from the Russian-Ukrainian crisis, and the ensuing changes in global monetary policies. The state was able to maintain a safe financial and economic track, a balanced monetary situation, as well as the stability of foreign exchange reserves after the state’s fulfillment of its international obligations.
President El-Sisi gave directives to exclude production requirements and raw materials from the procedures that were recently applied to the import process by returning to the old system of documentary collection. He also gave directives to form a working group, headed by the prime minister and the membership of the governor of the CBE, minister of finance, minister of trade and industry and other specialized authorities, to carry out periodic follow-up and regular evaluation of the import procedures system and the extent to which it fulfills the needs of production.
The Spokesman added that Mr. Amer also reviewed the development of the performance of the balance of payments in 2021 and the preliminary indicators from January to March 2022, which witnessed increases in petroleum products and natural gas proceeds, by increasing export quantities and opening new markets. Also, non-oil products proceeds, revenues from tourism and the Suez Canal, as well as remittances from Egyptians working abroad increased.
The prime minister focused on efforts by the Group and government agencies to address the global economic repercussions in the coming period, through several tracks aimed primarily at encouraging local and foreign investments, providing more foreign exchange, and reducing the percentage of the state’s budget deficit. This is while encouraging the participation of the private sector in economic activity, improving the investment climate, strengthening social protection measures for citizens, as well as providing incentive packages to priority sectors that have the ability to grow employment and provide job opportunities, with global demand for their activity.

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Local 10 May 2022

President El-Sisi Meets Economic Ministerial Group

Tuesday, 10 May 2022 / 05:36 PM

Today, President Abdel Fattah El-Sisi met with the Economic Ministerial Group. The meeting was attended by Prime Minister Dr. Moustafa Madbouly, Governor of the Central Bank of Egypt Mr. Tarek Amer, Minister of Planning and Economic Development Dr. Hala El-Said, Minister of International Cooperation Dr. Rania El-Mashat, Minister of Finance Dr. Mohammed Maait, Minister of Public Business Sector Mr. Hisham Tawfiq, Minister of Trade and Industry Ms.Nevin Gamea and Advisor to the President for Financial Affairs Major General Mohamed Amin.
The Spokesman for the Presidency stated that the meeting reviewed the work of the Economic Group and measures to address the repercussions of the global economic crisis on Egypt.
The governor of the Central Bank of Egypt reviewed the overall current monetary situation of the state. He confirmed that the Egyptian economy was able to absorb the severe global repercussions resulting from the Russian-Ukrainian crisis, and the ensuing changes in global monetary policies. The state was able to maintain a safe financial and economic track, a balanced monetary situation, as well as the stability of foreign exchange reserves after the state’s fulfillment of its international obligations.
President El-Sisi gave directives to exclude production requirements and raw materials from the procedures that were recently applied to the import process by returning to the old system of documentary collection. He also gave directives to form a working group, headed by the prime minister and the membership of the governor of the CBE, minister of finance, minister of trade and industry and other specialized authorities, to carry out periodic follow-up and regular evaluation of the import procedures system and the extent to which it fulfills the needs of production.
The Spokesman added that Mr. Amer also reviewed the development of the performance of the balance of payments in 2021 and the preliminary indicators from January to March 2022, which witnessed increases in petroleum products and natural gas proceeds, by increasing export quantities and opening new markets. Also, non-oil products proceeds, revenues from tourism and the Suez Canal, as well as remittances from Egyptians working abroad increased.
The prime minister focused on efforts by the Group and government agencies to address the global economic repercussions in the coming period, through several tracks aimed primarily at encouraging local and foreign investments, providing more foreign exchange, and reducing the percentage of the state’s budget deficit. This is while encouraging the participation of the private sector in economic activity, improving the investment climate, strengthening social protection measures for citizens, as well as providing incentive packages to priority sectors that have the ability to grow employment and provide job opportunities, with global demand for their activity.