Sherif Ismail: Markets to Stabilize When Exchange Rate Becomes StableSource: www.export-egypt.com 1/3/2017, Location: Africa |
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 Prime Minister Sherif Ismail said that markets in Egypt are expected to stabilize within three months when the exchange rate becomes stable, pointing out that the current stage has seen many changes due to the instability in the exchange rate.
"Egypt’s credit rate is currently stable which is positive and we hope that the situation improves in the coming stage," Ismail said in statements at the Cabinet’s headquarters. A law on investment has been sent to the State Council for revision and then its executive statute will be issued shortly, he said. The economic environment in Egypt will see improvement on the medium and long terms when we get out of the current situation in which the state is subsidizing many fields, which led to the collapse of services like education, health and transport and the suffering of citizens, he said. He added that moving towards the market mechanisms and the free market will lead to the rise of the country's economy. As for medicines, the Prime Minister said that only 15% of the locally-produced medicines and 20 % of the imported ones will see price hikes. “We seek to make all the 125 public business sector profitable to increase the state revenues,” he said. |
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