PM: Egypt Seeks Positive Economic Outlook in 2023

Prime Minister Moustafa Madbouli stressed that Egypt seeks to realize positive economic outlook during 2023.

Addressing the opening of the Annual MENA Investor Conference, he said the meeting comes at a time when partnerships can achieve resilience in the face of economic pressures and challenges and pave the ground for economic recovery.

He thanked all partners of investors and CEOs who participate in the conference to explore on investment opportunities.

The premier said the conference underlines the importance of multi-lateral participation of both private and public sectors to open new vistas of investment.

He expounded that the world is facing extraordinary challenges and efforts are underway to address these challenges and create an investment-attractive climate.

He said the world now has an appetite for promising stories of success.

Prime Minister Moustafa Madbouli said the primary surplus will reach 2.1 percent of the gross domestic product (GDP) in the 2023-2024 fiscal year.

He said Egypt is planning to lower its debt to GDP ratio to 78 percent by the 2026-2027 fiscal year, highlighting the importance of debt management.

He said the government will achieve these goals through the new economic reform program backed by the International Monetary Fund.

The premier said the government is committed to all policies of the reform program.

He said the government seeks to expand social safety networks and structural reforms, stressing that the government is moving swiftly to deal with all challenges.

Egypt managed to meet market needs and worked hard with the Central Bank of Egypt to release piling goods in ports since December 2022.

Madbouli noted that the State has already started to secure the foreign currency availability along with luring more foreign investors, adding that the State is moving ahead with a comprehensive plan to provide foreign currency needs at the markets during 2023.

Addressing the opening of the Annual MENA Investor Conference, Madbouli asserted that the empowerment of the private sector and attracting foreign investments top the priorities of the State's agenda. It is not a five or ten year plan, but it targets this year.

He said this general strategy has placed investment and the growth depending on investment and the comprehensive investment models under the umbrella of the Finance Ministry to carry out.

Madbouli also said the State has announced a new lending initiative for the industry and agriculture sector along with expansion in the equipment and industrial production devices through the capital market as one of the key sources of funding.

He said the government was keen on propelling direct and indirect investment through the capital market and the Egyptian bourse (EGX) has again restored its gains from the capital market in 2022.

The premier explained that the government has launched the State Ownership Policy which will not only overhaul the investment climate in Egypt, but will add to the Egyptian bonds and stock market as key channels for action.

Prime Minister Moustafa Madbouli expressed happiness for attending the MENA Investor Conference, saying that such conferences represent an important platform for communication between the private sector companies and the government.

He said participants in the conference will review how they can contribute to offering a better life for the Egyptians through comprehensive and sustainable growth.

Although the world passed through many challenges over the past years, Egypt is fully committed to implementing its comprehensive economic reform program, he said, welcoming investors to be partners in this drive.