Egypt's President Abdel Fatah al-Sisi has called on officials to continue working on reducing the public debt and budget deficit, during a meeting with members of the ministerial economic committee – Press photo
CAIRO – 15 July 2019: Egypt's President Abdel Fatah al-Sisi has called on officials to continue working on reducing the public debt and budget deficit, by completing the implementation of the institutional and legislative reforms as well as financial and monetary reforms.
The budget deficit is a financial loss that takes a place when expenses exceed revenues in a certain period of time.
During a meeting with a number of ministers and the governor of the Central Bank of Egypt, Sisi urged carrying out such reforms in order to enhance confidence in the Egyptian economy, maximize its ability to face regional and international challenges, and attract local and foreign investments.
The meeting was attended by Prime Minister Mostafa Madbouli, Minister of Investment and International Cooperation Sahar Nasr, Minister of Planning Hala al-Saeed, Minister of Finance Mohamed Maeet, Minister of Trade and Industry Amr Nassar, Minister of Public Business sector Hisham Tawfik, and Governor of the Central Bank of Egypt Tarek Amer.
The meeting reviewed the indicators of economic and social performance during the year 2018/2019. In this regard, President Sisi urged keeping on promoting production sectors, especially industry, export and investment, which maximize the sustainability of economic growth rates and employment, and attract more foreign exchange, which will improve the balance of payments.
Sisi referred to the given positive indicators, saying that they have been achieved due to the patience and awareness of the great Egyptian people, a statement read.
Egypt achieved the world’s third largest economic growth rate at 5.6%, Presidential Spokesman Bassam Rady said.
The indicators showed a decrease in the annual inflation rate to 8.9% for June 2019 compared to 13.8% for the same month last year, Radi said, adding that this indicates a steady positive evolution of the credit rating of the Egyptian economy by specialized international institutions.
On Sunday, Prime Minister Madbouli issued a decision to form the board of trustees of the central unit tasked with simplifying the procedures of the Egyptian Initiative for the Reform of the Business Environment (IRADA).
The board will be chaired by the prime minister and will include the ministers of investment and international cooperation, planning, finance and trade and industry as members.
The board will also include the deputy governor of the Central Bank of Egypt, head of the Financial Regulatory Authority, head of the Federation of Chambers of Commerce and head of the Federation of Egyptian Industries.
The central unit is tasked with re-considering all laws and decisions related to the Egyptian Initiative for the Reform of the Business Environment (IRADA) to filter them and annul whatever contradicts with government plans to improve the business atmosphere.
Additional reporting by MENA