Prime Minister: An integrated package of facilitations for various sectors in the country that need to take off further
Inflation is declining and the joint management of this file between the government and the Central Bank is going well
Growth is not linked to deals and hot money. Rather, we are talking today about a real economy that is growing very well
International companies are not flattering the state in pumping huge investments in Egypt of this size, which reflects Egypt’s success in the path it is pursuing
Prime Minister Dr. Mostafa Madbouly held the weekly press conference this evening, following the cabinet meeting, at the government headquarters in the new capital, Noting that today brings many positive news related to economic affairs.
The Prime Minister began his weekly speech, saying: You followed the report published by the “Fitch” agency. The American Credit Rating Agency regarding the Egyptian economy, and this institution is one of the most important rating institutions that follows all the indicators and figures that appear in the performance of countries’ economies. The institution, in its report issued a few days ago, raised for the second time its expectations for the growth of the Egyptian economy, which is the second time in two months, from 4.9% to 5.2% for the current fiscal year, and this matter came based on the very good performance that we announced for the first quarter, thank God, as the growth rate during the first quarter reached 5.3%, so they raised their expectations for the entire fiscal year to 5.2%, which is a very positive thing.
He added: Most importantly, the agency attributed this expected increase to the increase in investments, the increase in exports, and the improvement of the overall indicators of the Egyptian economy and the external sector, in addition to the availability and stability of the currency. It also linked its expectations to the rise in Suez Canal revenues in a gradual manner during the coming period, and thus the agency kept Egypt’s rating at level (B) with a stable future outlook. The agency also expected the Egyptian pound to maintain its strong performance against the basket of currencies.
Dr. Mostafa Madbouly continued, saying: These are all very important indicators that deserve to be considered, and they confirm very clearly what we have been saying for some time, that the growth that is occurring in the Egyptian economy is based on real productivity, and that what is happening today is not driven by temporary factors, but on the contrary, what we were all working on is for the economy to be driven by the main sectors that work regardless of any factors that may enter on a seasonal basis, and therefore growth is not linked to deals and hot money, but rather we are talking today about a real economy that is growing in a seasonal manner. Very good.
In a related context, the Prime Minister said: This matter was accompanied, as you followed, by the Central Bank’s announcement of a new increase in currency reserves, and today we reached 50 billion and 216 million dollars, and compared to last month there is an increase of about 145 million dollars during a month in the reserves, and I would like here to point out my ongoing meetings with the Governor of the Central Bank, throughout the week, and there is complete coordination between the government and the Central Bank in all the measures we take, because our goal is to reduce the inflation rate, Which leads to a gradual decrease in interest rates, providing a greater opportunity for the private sector and the Egyptian citizen to benefit from these credit facilities.
In connection with the “low inflation rate,” the Prime Minister referred to the release of the inflation figure for November, which showed the presence of a decrease in inflation, saying: “Here I would like to stop, to point out that we were greatly afraid that the path of inflation that began to rise last month would continue,” noting that some opinions said this. At the same time, there are repercussions of the increase in the price of fuel, explaining that when reading the report in detail to find out the indicators that led to a decrease in inflation, we will find that the main reason is the decrease in the prices of vegetables and basic foodstuffs, which contributed to this matter thanks to the weight and relative weight in reducing inflation despite the increase in transportation prices due to the increase in fuel prices.
He added: This proves the validity of the timing and the action taken by the government to raise fuel prices, despite the dissatisfaction that this measure met at the time from some groups of citizens, but the decision was taken according to our calculations. To reach the inflation rate reached by the end of this year, which we confirm, the figures issued today indicate that the inflation rate in Egyptian cities reached 12.3%, compared to 12.5% in the previous month, and that the annual inflation rate for the entire republic reached 10%. There is doubt that these numbers will not be achieved, but today we see on the ground that this number has been achieved, which confirms that the joint management of this file between the government and the Central Bank is going well.
The Prime Minister pointed out his meeting with the International Monetary Fund mission, this morning, explaining that things are moving in a positive direction, and that the members of the mission are working to complete the review work during the next two days, saying: In general, matters It is progressing in the positive manner that we all hope for, and there will be positive news, God willing, in this matter.
Dr. Mostafa Madbouly, in his speech, moved on to meeting with the Minister of Finance last week and presenting the packages for tax facilitation (the second package), explaining that during the Minister of Finance’s presentation to President Abdel Fattah El-Sisi, President of the Republic, directed His Excellency the President to launch an integrated package of facilitations for various sectors in the country that need to take off further, pointing to the meetings that the Prime Minister holds with the relevant ministers to develop an integrated vision for decisions that will help achieve faster growth for the Egyptian economy based on the directives of His Excellency the President of the Republic.
He added: We are making a great effort with the entire group to come up with many ideas in this file, and they will be presented to His Excellency the President, for us to see them. God willing, during the coming period.
Dr. Mostafa Madbouly expressed his happiness with the opening of a new factory, noting that yesterday he opened a new factory for one of the international companies specialized in the field of manufacturing electrical braids, pointing at the same time to the intention of this company to carry out new expansions within less than two years, by establishing a large industrial complex with a size equal to the area of all the company’s current existing factories that it established during the last period.
In this context, the Prime Minister pointed out that international companies do not The state is complimentary about pumping huge investments into Egypt of this size, which reflects Egypt’s success in the path it is taking, the decisions taken by the government, and the measures it is taking to improve the investment climate, which encourages these companies to pump more of their investments into Egypt.
Dr. Mostafa Madbouly said: “I am always keen – during my visits to these factories – to conduct a dialogue with our young men and women working in them, expressing his happiness to meet yesterday with one of the young men and women in The factory, and although I was exchanging conversations with them, they were working with great concentration, and the striking thing about this conversation is that this young man is a graduate of the College of Education, but he discovered that this field is not keeping pace with the labor market, and he had no qualms about enrolling in vocational training, which qualified him to work in this factory, which is something that made me happy with this approach, especially since I saw happiness on the young man’s face.
The Prime Minister added in the same context: This matter and this approach of the youth inspires happiness. Young people are aware of the needs of the labor market, and they see that working in the factory is the best and most suitable for them. These are the youth of the future, so all support is for them, and we are happy with these models.
The Prime Minister went on to talk about his follow-up of what is being raised on social media, as well as satellite channels, and what is broadcast on talk shows. We as a government discussed in the Council of Ministers last week the file of confronting rumors and false news, and we held a meeting this week also for this purpose, and news about this meeting was published, and opinions were raised. He asked for clarification of matters in this regard, stressing the government’s respect and keenness on freedom of expression. Here I am talking about the freedom to criticize the performance of the government, the performance of the Prime Minister, and the performance of ministers, and this matter happens on a daily basis.
Dr. Mostafa Madbouly stressed the utmost respect for journalists and media professionals, saying: There is no kind of perception that we criticize their important and respectable performance that they perform in providing information and trying to clarify the picture for the Egyptian citizen. But what I am talking about are lies and false news that harm specific sectors or products in the Egyptian state, which would undermine the confidence of the Egyptian citizen.
The Prime Minister indicated that most of this news is the result of social media sites, pointing to some examples; Such as what is raised about abuse and doubt about the quality of water, the quality of food products, or medicines and vaccinations, noting that all of this is raised without proof or justification, which creates very severe confusion within the state, shakes the confidence of the citizen, and thus constitutes a danger.
Dr. Mostafa Madbouly added that this matter harms the state, as news agencies and some platforms hostile to the Egyptian state exploit it, and exaggerate its status. He said: Some of these false theses are intended to trade by putting pressure on the companies or entities that are being accused, with the aim of financially benefiting.
In the same context, “Madbouly” stated: An example is also the appearance of pictures of a defective facility and its attribution to the Egyptian state, and then it becomes clear that it is located in another country.
The Prime Minister explained that this matter should not be tolerated, as this questioning of our products and facilities comes without any right, evidence or proof, explaining that the government would have taken immediate action and taken appropriate measures if these allegations were proven. But when these topics come out without evidence, cause confusion, and spread within a few hours as if they were the truth, then action must be taken. Accordingly, there is a directive to the relevant ministerial group and the competent authorities to study this matter, and to determine the necessary steps to spare the country from such large issues.
The Prime Minister concluded his speech by saying: It has been raised that you do not provide sufficient data, and this is one of the criticisms directed, even though every week there is a press conference, and the websites of the Council of Ministers and ministries display everything. However, my directive today to the Council of Ministers was to quickly prepare and issue the law regulating the circulation of official data and information, so that… This matter will be an excuse for our delay in anything, and once again I confirm that all the data that may be available to us, we will quickly publish and issue in all fields, and I believe that you share my opinion regarding the type of this misleading and false news, specifically in the examples that I mentioned, with my full respect for all the press and media and the freedom to fully criticize the performance of the government and everyone in it, led by the Prime Minister. This is another topic, but I am talking here about this type of fabricated and false news that is unfortunately not based on real evidence, which It spreads confusion and may reduce the citizen’s confidence in what is happening in his country. This is the type we are talking about.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
