Sherif Ismail Discusses Challenges Facing the Egyptian Economy

The PM Sherif Ismail met with Mr. Tarek Amer, CBE governor, Dr. Farouq Al-Okda, former governor of the Central Bank and the economist Dr. Mohamed Al Erian, Mr. Hani Qadri, Minister of Finance, Mr. Ashraf Salman Minister of Investment, Engineer Tariq Kabil, Minister of Trade and Industry Dr. Abla Abdul Latif, the adviser to the President of the Republic and the deputy governor of the central bank deputy governor of the Central Bank of monetary policy.

During the meeting, reviewed the most important internal and external challenges facing the Egyptian economy, where the members of the Council agreed on the necessity to move forward in the development and implementation of a program aimed at macroeconomic stability in order to stimulate economic growth and increasing local production and job creation, and stressed the importance of coordination between the Saudis and the financial and monetary policies leading to a reduction in the state public budget deficit through procedures: financial control and maintain the stability of prices, targeting inflation rates do not exceed 10%, and to work to reduce the deficit of the balance of trade, and the need to continue the implementation of financial reforms, structural and aimed at improving the performance of the economy and the achievement of financial and monetary stability.

PM Sherif Ismail said there was a need to resolve all the obstacles to the territory of industrial projects and the simplification of procedures for investors in competitive conditions contribute to the increase of production in order to achieve the desired boom in the national industry and the encouragement of local production and export, as well as the launching of the territory of the new industrial zone for investors and activating the law of mines and quarries in the provinces, as well as the procedures for the legalization of the status of the territory of the agricultural reclamation.

The members of the Council agreed on the need to encourage small and medium-sized projects as the program announced by the President of the Republic, which is stimulating young people the initiative to establish a new projects through concessional terms offered by the banking system during the coming four years, as well as to the importance of the revival of the capital market through new approaches in the Egyptian Stock Exchange represent a curriculum and a new model for investment, put new visions to include the informal sector in the system through official encouragement to the codification of the situations and registration databases.

The prime minister emphasized that the coming period will witness the effective coordination with the members of the House of Representatives, where the government will provide some laws which completed the preparation of the esteemed Council to issue the necessary legislation, in the forefront of the law on value added tax.

The prime minister emphasized that the council is currently working to develop a full concept to accelerate the pace of the implementation of the reforms needed for the Egyptian economy, which would deal with the current challenges and access the investment climate to a competitive encourages increased productivity and attract more domestic and foreign investment.

The Council will continue to meet on a monthly basis to follow up the implementation of these recommendations.