Egypt's PM chairs 1st committee meeting to follow up on recommendations of economic conference

CAIRO - 19 January 2023: Egypt's Prime Minister Moustafa Madbouli presided over the first follow-up committee meeting of the recommendations of the Economic Conference 2022.

The meeting was held to follow up on the recommendations of the Economic Conference, which was held in October, 2022 under the rubric "Egypt... roadmap for a more competitive economy".

At the beginning of the meeting, which was attended by a host of senior state officials, Madbouli said that the State exerted stenous efforts over the past period to implement several recommendations issued by the Economic Conference, atop of which was the agreement with the International Monetary Fund (IMF), as well as the State Ownership Policy Document and the Law on Protection of Competition.

"We are working now on several files, in coordination with the relevant bodies and the business community and experts," added Madbouli.

In this context, Madbouli also pointed out to President Abdel Fattah El Sisi's directives to form a board of trustees to follow up on recommendations of the Economic Conference.

Madbouli also drew attention to the progress made so far regarding implementing recommendations issued by the Economic Conference.

As many as 125 recommendations were reached at the conference in a number of fields and sectors, added the premier.

Regarding the recommendation which is related to implementing the State Ownership Policy Document, Madbouli said that President Sisi approved the document at the end of last month.

As for the letters of credit (LCs) system for imports, Madbouli pointed out to the decision issued by the Central Bank of Egypt (CBE) to end the use of the system requiring importers to obtain letters of LCs for their purchases and return to the cash-against-documents system for importing goods.

Madbouli, meanwhile, pointed out to the decision to implement a durable flexible exchange rate system on October 27, 2022, saying that this decision was among the recommendations issued by the Economic Conference.