Minister of Planning: Completion of the implementation of 38 structural reforms in various sectors in coordination with 15 ministries and national agencies.
The private sector is a driving force for achieving economic growth and facing challenges
Structural reforms enhance the diversification of the structure of the Egyptian economy and encourage private sector investments
Activating the Public Finance Law by setting an annual ceiling for government debt
35 projects and programs within the OECD country program to enhance the formulation of policies supporting economic and structural reforms
During the press conference held today by Dr. Mostafa Madbouly, Prime Minister, Following the government meeting in the New Administrative Capital, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, reviewed the results of the national program for structural reforms, which the government implemented, in coordination with international partners, based on three main axes: enhancing macroeconomic resilience and enhancing economic competitiveness. Improving the business environment and supporting economic diversification and green transformation, in order to consolidate macroeconomic stability and stimulate the role of the private sector as a key partner in advancing economic development and supporting the green transition, thus opening future horizons for achieving comprehensive and sustainable development.
The Minister stressed Planning, Economic Development and International Cooperation, that the National Program for Structural Reforms is the result of the effort and work of many national bodies, with the aim of taking policies and measures aimed at diversifying the structure of the Egyptian economy, and making room for the private sector, within the framework of the directives of President Abdel Fattah El-Sisi, President of the Republic, to the new government. The necessity of continuing the path of economic reform at all levels, as the Ministry coordinated with 15 ministries and national authorities, and 38 structural reforms were implemented in many economic sectors.
The Minister continued that the structural reforms that the state has implemented over the past period It complements what was announced earlier at the level of tax and investment incentives, which confirms that the state is on its way towards making room for the private sector, working to achieve economic growth mainly led by domestic and foreign investment, and implementing the objectives of the state ownership policy document.The Minister presented some of the structural reforms that were implemented within the first axis related to enhancing macroeconomic resilience, explaining that a decision was issued for the main dealers, including rules and incentives to improve competitiveness, transparency, strengthen secondary markets, stimulate the government securities market, and reduce the burden of debt service. By approving a package of incentives for these dealers; In a way that helps enhance liquidity in the secondary market.
The Minister explained that the government has referred the amendments to the Unified Finance Law to Parliament to improve financial reports, by including economic bodies in the definition of the government, in a way that enhances the transparency and comprehensiveness of financial reports, by updating the law. The unified public finances, to reflect not only the state budget, but also the activities of economic bodies starting from the fiscal year 2024/2025.
Dr. Rania Al-Mashat indicated that the amendment to the Public Finance Law has been activated to set an annual ceiling for general government debts of This includes the 59 economic authorities by establishing a dedicated unit in the Ministry of Finance, for the first time, to improve the management of general government debts by setting an annual debt ceiling, and establishing specialized units in the Ministry of Finance and in all economic bodies in a way that enhances the ability to account and financial transparency.
She stated that among those measures, the Ministry of Planning, Economic Development and International Cooperation prepared a guidance document to circulate to the executive ministries to determine new standards for evaluating public investment projects, with the aim of improving the efficiency of allocating public investments by setting clear standards for evaluating projects. And raising the efficiency of investment spending.
On the other hand, the Minister indicated that the social safety net has been strengthened to protect the lowest-income groups, by increasing the families benefiting from the Takaful and Karama cash transfer program, which comes within the framework of the state’s efforts to ensure Reaching support to eligible families in need of care, as well as launching the electronic platform “Mahni 2030” And prepare a communication and awareness strategy for users, to improve youth skills, facilitate joining the formal sector, and enhance employment opportunities.
With regard to the second axis related to enhancing economic competitiveness…
