By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt’s PM reveals state’s plan to deal with the economic crisis
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Egypt > Egypt’s PM reveals state’s plan to deal with the economic crisis
EgyptPolitics

Egypt’s PM reveals state’s plan to deal with the economic crisis

Mohammed El-Said
Last updated: 2022/05/15 at 11:42 PM
By Mohammed El-Said 4 Min Read
Share
SHARE

Prime Minister Mostafa Madbouly announced the government’s intention to offer 10 state-affiliated companies — including two companies affiliated with the Armed Forces — and to merge the seven largest Egyptian ports into one company and list them on the Egyptian Stock Exchange (EGX). 

In a press conference to declare the state’s strategy to deal with the current economic crisis on Sunday, Madbouly announced the completion of an assessment of assets worth $9.1bn in preparation for offering them to the private sector.

The PM also announced the government’s intention to offer a percentage of the monorail and high-speed train projects on the EGX and to merge and offer state-owned premium hotels on the exchange as well.

He further noted that the Egyptian economy has lost $20bn of “hot money” since the beginning of the year, pointing out that a share of the deposits of Gulf states will be transferred to direct investments.

Additionally, Madbouly said that the Egyptian government allocated EGP 130bn for direct impacts and EGP 335bn for indirect impacts of the Russian-Ukrainian crisis as a result of the increase in commodity prices. 

He pointed out that the Russian-Ukrainian crisis affected all economies, including Egypt, and “were it not for the economic reform programme and the unprecedented rates of development, Egypt would not have been able to bear the crisis of the coronavirus pandemic and bear all of these crises.”

The PM also stated that foreign direct investment has declined due to the global economic crisis and the Russian-Ukrainian crisis, and that among the state’s measures to deal with the crisis is strengthening the role of the private sector, settling the local industry, activating the EGX, and providing commodities.

“The strategic commodity reserve is sufficient for four months, and we have enough for for up to 6 months. Also, it is expected that 10 million tonnes of wheat will be produced this year,” he said.

Madbouly explained that the state aims to raise the participation of the private sector by 65% ​​during the next three years.

“Last year, Egypt achieved the highest rate of exports in its history and an unprecedented increase in the Suez Canal’s revenues,” Madbouly said, explaining that the value of Egyptian exports increased, and that the tourism movement was restored by $5.8bn in the first half (1H) of the last FY. 

The PM also pointed out that the government is studying the establishment of a national intellectual property authority and the system of usufruct of industrial lands will be transformed without restrictions, adding that pricing will be based on the value of the facilities and will be paid in instalments.

Furthermore, according to Madbouly, Egypt is one of the candidate countries to be a major hub for green hydrogen and ammonia production, explaining that a new law will be issued to exempt industrial projects in new and border cities from taxes.

The state will also facilitate the work of entrepreneurs and the procedures of establishing new companies virtually without obliging them to have physical headquarters. 

Additionally, the prime minister said that 91% of Egypt’s external debt is medium- and long-term debt, mentioning that the state aims to bring down the public debt from 86% to 75% over a period of four years until 2026.

You Might Also Like

Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 

Egypt condemns law allowing return of Israelis to 4 settlements

Egypt’s foreign minister phones Algerian counterpart over boosting ties

Opinion| Türkiye and Egypt: For better times with many opportunities

Drought caused 43,000 deaths in Somalia in 2022: UN 

TAGGED: economic crisis, Mostafa Madbouly
Share this Article
Facebook Twitter Email Print
By Mohammed El-Said
Mohammed El-Said is the Science Editor for the Daily News Egypt with over 8 years of experience as a journalist. His work appeared in the Science Magazine, Nature Middle East, Scientific American Arabic Edition, SciDev and other regional and international media outlets. El-Said graduated with a bachelor's degree and MSc in Human Geography, and he is a PhD candidate in Human Geography at Cairo University. He also had a diploma in media translation from the American University in Cairo.
Previous Article Marvel Group launches Egyptian Property Market exhibition on 19 May
Next Article Egypt’s Al-Sisi directs establishment of companies virtually, waives requirement for physical headquarters
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?