In the current context, Egypt is witnessing significant economic developments, as evidenced by recent statements by Prime Minister Mostafa Madbouly. Indeed, during a press conference, Madbouly announced a continued decline in the inflation rate, marking the fourth consecutive month of this trend. This reduction is of paramount importance for the State and its citizens, providing a positive indicator of economic stability.
The establishment of weekly meetings to control the market as well as the regular convening of a committee responsible for regulating the prices of essential goods show the government’s commitment to guaranteeing price stability. Madbouly also reassured the population by affirming that the year 2024/2025 should mark the beginning of the recovery from the economic crisis that the country has experienced in recent years.
Furthermore, the drug shortage crisis is expected to be resolved in the next three months, with a gradual supply of essential drugs. Madbouly assured that this fiscal year should finally bring an end to this persistent problem, thus providing relief to citizens.
Another major concern is Egypt’s external debt, and Madbouly was keen to point out that the numbers have declined significantly. If the debt was $168 billion at the end of last December, it rose to $160 billion at the end of March, with the prospect of further reduction by the end of June. This situation demonstrates the State’s control over debt, whether national or international, and the effective implementation of the objectives set.
At the same time, increased involvement of the private sector is essential to stimulate economic growth. Madbouly underlined the State’s desire to promote average growth of between five and six percent over the next three years, thanks to more active participation of the private sector. Steps are being taken to strengthen this sector and increase its contribution to public investments, thereby creating employment opportunities.
Finally, the announced end of the nationwide electricity load shedding program is a major step forward. Shipments of fuel were imported to end this crisis and relieve citizens from extreme weather conditions. Madbouly pledged to resolve this problem before the end of the year, ensuring that arrangements will be made to anticipate possible intense heat waves in the coming months.
In conclusion, recent economic developments in Egypt mark a positive step forward for the country. The measures taken by the government, the control of inflation, the resolution of the problems of shortage of medicines and electricity load shedding, as well as the effective management of the debt, offer encouraging prospects for the economic future of Egypt.