Egypt’s budget reserves stand at around EGP 130 billion and are fully directed to partially resolves the negative impacts of the global crisis, Prime Minister Mostafa Madbouly stated in a press conference on December 7th.
Madbouly said that offering further sources of supply of foreign currency represents the biggest challenge for the Egyptian state as the government coordinates with all relevant authorities, the Central Bank (CBE), and different ministries within the framework of a clear plan to attract foreign currency over the coming period.
The state is keen on supporting the most-needy segments for subsidies by expanding Takaful and Krama initiatives, increasing subsidized commodities to these segments, and raising their wages, he said.
The prices of some commodities could increase due to higher costs of production inputs, he added.
Regarding the Egyptian Exchange (EGX), the Prime Minister said that the performance of the EGX is improving remarkably within the framework of the state’s regulations and the full coordination with the Financial Regulatory Authority (FRA).
The government plans to benefit from its owned assets by offering them in the first quarter (Q1) of 2023 or entering projects as a partner with strategic investors and the private sector, he remarked.
Moreover, Madbouly highlighted that Egypt has endorsed several decisions, reforms, and laws that helped attract about $9 billion in direct investments this year and the state aims to double these figures.
Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).