Egyptian President announces reactivation of Presidential Pardon Committee, military-owned companies to be offered on EGX before 2022-end

Egypt’s President Abdel Fattah Al-Sisi announced that the Egyptian government will hold an international press conference soon, to announce the state’s plan to deal with the global economic crisis.

It came during the annual Iftar ceremony, called “the Egyptian Family Iftar”, on Tuesday.

Al-Sisi praised the Egyptian people who tolerated and bore the woes and difficulties of the successful economic reforms. He stressed that the government and all concerned agencies will work to enhance support provided to wheat farmers in Egypt, by increasing incentives to ensure wheat self-sufficiency.

“The next stage will witness the state doubling its support to the private sector, so that it can play its role in developing the economy, and I will work on providing a proper environment to achieve this,” the Egyptian President indicated.

Al-Sisi also announced the launch of an initiative to support and localize major industries, by strengthening the role of the private sector in expanding the industrial base.

Moreover, Al-Sisi said that the Presidential Pardon Committee will be reactivated. The committee was one of the outcomes of the National Youth Conference. It cooperates with the competent agencies and relevant civil society organizations.

Accordingly, he assigned the National Youth Conference to conduct political dialogue with all political parties and youth, on the priorities of national action during the current stage. The results will be submitted to the Egyptian president.

Al-Sisi also directed the government to announce a clear plan to reduce debt-to-GDP ratio.

He added that the government will launch a programme to increase the private sector’s contributions to state-owned assets, with a target of $10bn annually for a period of 4 years.

Nevertheless, Al-Sisi indicated the government will start listing military-owned companies on the Egyptian Exchange (EGX) before the end of 2022.

The Egyptian president indicated that the state has previously depleted its foreign exchange reserves in the chaotic period that followed the 2011 and 2013 Revolutions, adding that no president would have overcome that crisis.

Al-Sisi added that Egyptians tolerated the tough-but-necessary reforms, which took place in parallel with rebuilding and developing the country’s infrastructure.

During the Iftar, Al-Sisi welcomed the great efforts of the residents of Sinai and their cooperation with the state, “I thank you for your cooperation with the state, and we aim to achieve real development in Sinai.”

On another note, Al-Sisi mentioned the incidents, documented by the TV series “Al Ekhteyar” (The Choice), were real. He noted that Egypt went through a difficult period, but the state came out victorious.

He highlighted that Arab neighbours’ support in 2013 and beyond contributed to the preservation of the Egyptian state.

The Egyptian Family Iftar witnessed the participation of Chief of General Intelligence Service Abbas Kamel, Grand Imam of Azhar Ahmed Al-Tayeb, Pope Tawadross II of Alexandria, along with several officials, politicians, and civil society divs.

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