Egypt is working on facing the repercussions of the current global crisis: PM

Daily News Egypt
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Prime Minister Mostafa Madbouly said that the state is moving on various axes to face the repercussions of the current global crisis, as it is working on the availability of various commodities in the markets at reasonable prices.

Madbouly added in his statements on Wednesday during the Cabinet’s weekly meeting that the state was keen when the movement occurred in the prices of petroleum products to take into account absorbing the largest part of the global price hikes and to hold the citizen to the lesser side as part of the state’s efforts to reduce the burdens on citizens despite the huge cost to the state.

He also directed assigning a specialised economic group of ministers to work on developing a plan to recover from the effects of this global crisis through a package of measures stimulating foreign and domestic investments, in implementation of the directives of President Abdel Fattah Al-Sisi.

Furthermore, Madbouly stated that a press conference is scheduled to be held after the Eid Al-Fitr holiday to announce the details of the ‘State Ownership Policy Document’ as a national strategy aiming to expand the base of private sector participation, explaining that the current period is witnessing much coordination between the various ministries regarding the strategy.

Additionally, the PM stressed that the document is a major step in the framework of increasing the opportunities for private sector participation in the economy, as it represents a message of reassurance to the local investor and an element of attraction for foreign investment, and also contributes to enhancing the confidence of international institutions, making it an integrated plan aiming to empower the private sector and regulate the state’s presence in economic activity as a continuation of the governmental reforms adopted by the Egyptian state.

Madbouly also directed that there be continuous communication from ministers and officials with Parliament as well as various media outlets to explain the challenges that are currently being faced following two global crises that the world is suffering from, and that Egypt did not cause.

Moreover, he pointed out that the state has made strenuous efforts to alleviate these successive crises on the Egyptian citizen.

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