This evening, Dr. Mostafa Madbouly, Prime Minister, chaired the meeting of the Ministerial Economic Group, where a number of important files related to economic affairs were discussed, in the presence of Hassan Abdullah, Governor of the Central Bank, and Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation. , Dr. Yasmine Fouad, Minister of Environment, Ahmed Kajouk, Minister of Finance, Dr. Sherif Farouk, Minister of Supply and Internal Trade, Yasser Sobhi, Deputy Minister of Finance for Financial Policies, Rami Abu Al-Naga, Deputy Governor of the Central Bank, and officials of the relevant ministries and the Central Bank.< /p>
Counselor Muhammad Al-Homsani, the official spokesman for the Presidency of the Council of Ministers, said that the meeting followed up on the implementation of the procedures of the economic reform program that is being implemented by the government and its various agencies in cooperation with the Central Bank. As well as the latest developments regarding the fourth review with the International Monetary Fund.
Al-Homsani indicated: It was emphasized during the meeting that the measures being implemented within the economic reform program aim to restore confidence in the Egyptian economy, improve its performance, and enhance its ability to resist shocks.
The spokesman explained The official statement on behalf of the Presidency of the Council of Ministers stated that during the meeting, it was noted that with regard to the objectives of the economic reform program, noticeable positive results have been achieved with regard to financial discipline measures and revenue development, and continued work on a strong debt management strategy, as well as moving forward with work on… Implementing what was stated in the “State Ownership Policy Document” It included the state’s withdrawal from a group of economic sectors within the government proposals program, and the strengthening of the private sector’s participation.
Counsel Muhammad Al-Homsani indicated that the meeting reviewed the plan to pay the dues of foreign partners in The petroleum sector, with an emphasis on the Egyptian state’s commitment to pay these dues according to the established plan. By setting a ceiling for public investments in exchange for increasing the contribution of private investments to economic activity. The first is from the macroeconomic support mechanism, which supports the budget deficit, under which the European Union provides concessional financing worth one billion euros to support the implementation of stimulating structural reforms for the private sector in Egypt.
He said "Al-Homsani" The meeting discussed government efforts to accelerate the pace of the decarbonization process from various industries in line with the government’s goals to reach carbon neutrality.
Al-Homsani added, The meeting also addressed facilitating the process of obtaining financing for green projects, in light of the tendency of a large number of local and international companies to invest in green hydrogen and green ammonia projects, as well as investing in projects to localize the industries of renewable energy components and green hydrogen, in reference to the components of electrolyzers and solar panel cells.
He continued that in this context, all possible incentives to attract more of these green projects were reviewed.
< p>At the conclusion of the meeting, the Prime Minister directed the members of the Ministerial Economic Group to intensify work in order to quickly come up with a set of stimulating measures for the private business sector, including soft tax and investment facilitation packages.
