Egypt’s President Abdel Fattah El Sisi directed the formation of a working group headed by Prime Minister Moustafa Madbouli to carry out periodic follow-up and regular evaluation of the system of import procedures and the extent to which they meet the needs of the production process.
The president’s directives came during his meeting with the Ministerial Economic Group, in the presence of Prime Minister Madbouli, Central Bank Governor Tarek Amer as well as a host of ministers and top government officials, Presidency Spokesman Ambassador Bassam Radi said.
During the meeting, the president directed the government to exclude production requirements and raw materials from the procedures that were recently applied to the import process. Therefore, import of these production requirements and raw materials can be facilitated by using the old system through collection documents.
Central Bank Governor Amer reviewed the overall monetary situation of the state, stressing that the Egyptian economy was able to absorb the severe global repercussions as a result of the Russian-Ukrainian crisis, and the ensuing changes in global monetary policies. He noted that the state was able to maintain a safe financial and economic path.
Amer also reviewed the performance of the balance of payments during 2021 and the preliminary indicators during the period from January to March 2022, which witnessed increases in the proceeds of petroleum products and natural gas in light of the increase in exports and the opening of new markets in addition to the increase in tourism and Suez Canal revenues, and remittances from Egyptian expatriates.
For his part, Madbouli addressed the efforts of the ministerial economic group and government agencies to deal with global economic repercussions and developments during the coming period, through several main tracks aimed primarily at encouraging local and foreign investments, providing more foreign currencies and reducing the state’s general budget deficit.
This comes while further encouraging private sector participation in economic activity, improving the investment climate, as well as strengthening social protection measures for citizens and providing incentive packages to priority sectors that have the ability to create job opportunities.
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