President Abdel Fatah El-Sisi has called on officials to continue working on reducing the public debt and budget deficit, by completing the implementation of the institutional and legislative reforms as well as financial and monetary reforms.
During a meeting with a number of ministers and the governor of the Central Bank of Egypt, President El-Sisi urged carrying out such reforms in order to enhance confidence in the Egyptian economy, maximize its ability to face regional and international challenges, and attract local and foreign investments.
The meeting was attended by Prime Minister Mostafa Madbouli, Minister of Investment and International Cooperation Sahar Nasr, Minister of Planning Hala al-Saeed, Minister of Finance Mohamed Maeet, Minister of Trade and Industry Amr Nassar, Minister of Public Business sector Hisham Tawfik, and Governor of the Central Bank of Egypt Tarek Amer.
The meeting reviewed the indicators of economic and social performance during the year 2018/2019. In this regard, President El-Sisi urged keeping on promoting production sectors, especially industry, export and investment, which maximize the sustainability of economic growth rates and employment, and attract more foreign exchange, which will improve the balance of payments.
The President referred to the given positive indicators, saying that they have been achieved due to the patience and awareness of the great Egyptian people, a statement read.
Egypt achieved the world’s third largest economic growth rate at 5.6%, Presidential Spokesman Bassam Rady said.
The indicators showed a decrease in the annual inflation rate to 8.9% for June 2019 compared to 13.8% for the same month last year, Radi said, adding that this indicates a steady positive evolution of the credit rating of the Egyptian economy by specialized international institutions.