A wind of reforms is blowing on the political news in Egypt with the examination of the draft labor law by the Cabinet this Wednesday 25/12/2024. This crucial step comes after the prior approval of the government during its 18th meeting held on November 6.
During this session, several comments were raised to refine the project before submitting it to the final approval of the Parliament. This new labor law is part of a desire to modernize and strengthen the legislative framework to promote better conditions for workers in Egypt.
In addition, the Cabinet also gave the green light to a presidential decree concerning Egypt’s contribution to the financing of the fifth phase of the program of the Middle East Technical Assistance Center of the International Monetary Fund (METAC). This financial support aims to strengthen the role of the center in supporting countries in the Middle East and North Africa region in the development of their financial and monetary policies.
Egypt, as the founding country of METAC, actively participates in financing the program, also benefiting from the technical support offered to member states. This contribution will be materialized by the signing of a memorandum of understanding during the celebration of the 20th anniversary of the center in Cairo, and by hosting several METAC meetings on its territory.
Furthermore, the Cabinet reviewed a presidential decree on the decisions of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) Nos. 259 and 260, aimed at amending the agreement establishing the EBRD to allow its geographical expansion in sub-Saharan Africa and Iraq. This decision aims to strengthen the bank’s activity in the economic development of these regions, while easing financial regulations to ensure its sustainability.
These different measures attest to Egypt’s willingness to modernize its legislative and financial framework to stimulate economic development and strengthen its cooperation with international institutions. It is in this dynamic of reforms that the country is committed to promoting sustainable and inclusive economic growth, by fully participating in the globalization process.