Government to announce policy response to economic crisis next week: PM

Sarah El-Sheikh
2 Min Read
Prime Minister Mostafa Madbouly

Egypt’s Prime Minister Mostafa Madbouly met on Tuesday with the Ministerial Economic Group, to discuss the repercussions of the global economic crisis on Egypt.

He pointed out that the provision of basic commodities and production requirements comes at the top of the government’s priorities during this period. Madbouly announced that an international press conference will be held early next week to announce the state’s vision to deal with the current global economic crisis, as well as plans to attract foreign investments.

On Tuesday, President Abdel Fattah Al-Sisi ordered the government to exclude production requirements and raw materials from the import procedures that were recently imposed.

The president also instructed the formation of a working group headed by Prime Minister Mostafa Madbouly, with the membership of the Central Bank Governor, Minister of Finance, and Minister of Trade and Industry, as well as other competent authorities to carry out periodic follow-up and regular evaluation of import procedures.

During the meeting, the Prime Minister revealed that a unit will be established in the cabinet under his direct supervision, whose mission will be to work on quickly solving investors’ problems, saying: “We will not allow any delay in the issuance of work approvals.”

Madbouly also touched on the efforts made by various state agencies in preparation for Egypt’s hosting of the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which is scheduled to be held in November 2022.

He continued: “We are currently preparing to launch the national strategy for climate change, and a special event will be organized for this purpose.”

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