Egyptian President Abdel Fattah El Sisi met on Wednesday with the Economic Ministerial Group to review the current situation of the global economy, amid the unprecedented challenges that intensified over the past two years, Presidency Spokesman Ahmed Fahmy said.
These challenges led to disruption of global supply chains, soaring prices of strategic commodities, and slowing growth rates, which led to exceptional pressure on most world countries.
The meeting was attended by Prime Minister Moustafa Madbouly, Governor of the Central Bank of Egypt (CBE) Hassan Abdullah, Chief of the General Intelligence Major General Abbas Kamel, Minister of Planning and Economic Development Hala El Said, Minister of International Co-operation Rania Al Mashat, Minister of Finance Mohamed Maeet, and Advisor to the President on Financial Affairs. Major General Mohamed Amin, Fahmy added.
In addition, the meeting featured a presentation of indicators of the performance of the Egyptian economy. It was noted that GDP continued to grow over the first half of the current fiscal year 2022/2023, Spokesman Fahmy added. An overall growth rate of 4.2 per cent is expected for the whole fiscal year.
In addition, exports and employment rates are expected to rise, and the deficit of trade balance is also expected to drop.
The meeting reviewed the ongoing efforts to support local and foreign private investments, in the face of the current challenges, the presidency spokesman said.
President Sisi directed the Economic Ministerial Group to carry on with intensive efforts to contain the repercussions of the global crisis on the Egyptian economy and mitigate impact on citizens, Fahmy said.
The president also called for maintaining efforts to promote sustainable GDP growth, improve the investment climate and encourage the private sector, as part of honoring commitment to the principle of competitive neutrality adopted by the state, and keenness to remove obstacles facing investment in various sectors,
