Today, Sunday, Egyptian Prime Minister Mostafa Madbouly said the world was witnessing the worst crisis since the 1920s.
The Prime Minister said at a press conference at the headquarters of the Investment Authority that the Russia-Ukrainian crisis has imposed financial burdens on the Egyptian economy and led to the influx of speculative capital.
Madbouly said Egypt imported 41% of grain from Russia and Ukraine before the current crisis, adding: “If not for the economic reform program and the unprecedented rates of development, Egypt could no longer cope with the situation. the first crisis in Corona, and face these crises. ”
He explained that what is happening in Egypt is essentially a global and not a local problem, noting that the government will improve the role of the private sector in economic activity, increase the process of finding industries and announce a clear plan. to reduce public debt. . and the budget deficit, in addition to the revitalization of the Egyptian Stock Exchange and the resumption of the social protection program, ensuring the supply of basic products to citizens.
Mostafa Madbouly said that last year, Egypt achieved the highest export rate in its history and there was an unprecedented increase in revenue from the Suez Canal, explaining that the value of Egypt’s exports and returned tourist movement worth $ 5,800 million in the first half of the last financial year.
He added at the press conference that many countries have started raising interest rates, and that the International Monetary Fund has lowered its forecasts for the growth rates of 143 countries, saying: “I challenge anyone global experts who will come out and say what the Global economy is ”. in one year.”
In earlier statements, Egypt’s Prime Minister indicated that his country has begun the second phase of economic reform, with the government launching in 2021 a priority program of structural reforms for Egypt’s economy.
Source: RT
Source: Arabic RT
