The Prime Minister chairs the meeting of the Coordination Council for Financial and Monetary Policies
Prime Minister Dr. Mostafa Madbouly stressed the continuous follow-up of the various measures and steps taken by the state to achieve more economic reforms.
This came during his chairmanship, today, Thursday, of the meeting of the Coordinating Council for Financial and Monetary Policies, in the presence of Hassan Abdullah.
During the meeting, the Prime Minister touched on the ongoing cooperation and coordination between the government and the Central Bank, noting that this cooperation has contributed greatly to making available and providing the foreign exchange necessary to meet the requirements of many… Service, development and production sectors.
He pointed out that the recent period witnessed more customs releases for many goods and merchandise, which contributed to controlling the movement of markets and prices significantly, in addition to Ensuring the continuation of the wheel of production by making the necessary raw materials available to many industries and productive sectors. Reviewing the position of the overall investment structure in general, it was noted that there is a steady increase in the share of private investments compared to public investments in the total total investments, which comes in agreement and policy document on state ownership, and the trend towards enhancing the participation of the private sector in various development efforts.
Al-Homsani explained that the meeting also reviewed the procedures followed to achieve sustainable financial and monetary stability, to restore balance to macroeconomic indicators. Resuming the attraction of foreign direct investments, in addition to seeking to maximize foreign exchange resources through steps that include encouraging exporting sectors, especially industry, providing the necessary incentives to support them, and boosting incoming tourism, while at the same time implementing decisions to rationalize government spending, prioritizing national projects, and controlling cash consumption.
The official spokesman added that developments in inflation rates and the target rate were also reviewed, and in this regard, reference was made to the efforts of the Central Bank of Egypt to work alongside Together with the government in order to control inflation rates, by increasing competitiveness and addressing supply chain imbalances, including customs release of goods, as these steps contributed to reducing prices, in addition to monitoring and market control procedures by the competent authorities.
Al-Homsani also pointed out that the meeting witnessed a review of Egypt’s credit rating development position since the beginning of this year, and an indication that Egypt’s outlook has been modified to “positive.” By three credit rating institutions, as these positive decisions came from the credit rating institutions; As a result of the measures taken by the Egyptian state that contributed to the flow of foreign exchange liquidity, in addition to the great official support from development partners for Egypt, in addition to the state taking clear economic policies within the economic reform program.
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