Providing Foreign Currency Is Temporary Problem Resulting From Global Geopolitical CircumstancesSource: www.export-egypt.com 5/18/2023, Location: Africa |
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Planning Minister Hala el Saeed asserted that providing foreign currency is a temporary problem resulting from the geopolitical circumstances taking place around the world.
The increasing demand on foreign currency result from the extreme increase in the prices of the strategic substances such as wheat and energy, she said. During a press conference after the cabinet meeting, Saeed said that in order to face the problem and increase the volume of revenues, short-term and medium-term measures were taken by the state, asserting that the revenues of the tourism sector increased by 25%, the revenues of the Suez Canal augmented by 30%, the volume of exports increased in general and the imports decreased by 34%, leading to an improvement in the trade balance. Saeed also pointed out to the program of IPO aiming at encouraging foreign investment, upping dollar resources and achieving balance in the exchange market. The cabinet agreed on rationalizing investment expenses especially those with dollar component in order to encourage the participation of the private sector and investors, she said. Concerning the profit of the investors, Prime Minister Moustafa Madbouli said that the Egyptian state did not have any problem related to transferring the profits of the investors during the early months of the crisis. The Egyptian state is fully committed to facilitating the payment of investors’ profits, he said. Egypt is capable of bridging the dollar gap and has a clear plan for that, Madbouli said. Madbouli the volume of investment that will be pumped by the local and foreign investors will contribute to decreasing the inflation rate, adding that this will be reflected positively on the level of prices of goods. |
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