Egypt: Madbouly reviews economic scenarios with advisory committee amid regional escalations
Arab Finance: Prime Minister Mostafa Madbouly met with members of the macroeconomic advisory committee to assess the impact of escalating regional geopolitical tensions and review a set of proposed scenarios, recommendations, and mitigation measures, as per a statement.
At the outset of the meeting, Madbouly reiterated the government's commitment to carefully monitoring regional developments and their implications for Egypt's domestic and economic stability.
He also reassured attendees that Egypt's strategic stockpile of essential commodities remains secure, adding that an agreement has been reached with the banking sector to ensure the provision of all necessary foreign currency requirements for industrial and production sectors.
During the meeting, committee members presented their assessments of the risks and challenges arising from the geopolitical situation.
The assessments were particularly focused on energy security, supply chains, public budget pressures, exchange rate dynamics, Suez Canal revenues, inflation trends, and other key economic indicators.
They stressed the importance of intensifying market surveillance, combating hidden inflation, enhancing energy efficiency, continuing fiscal discipline, diversifying energy sources, rationalizing consumption, and boosting plant maintenance.
The committee also underscored the need for continued coordination between the government and the Central Bank of Egypt (CBE) to help preserve exchange rate stability while maintaining flexibility, in line with the work of the Monetary and Fiscal Policy Coordination Committee.
In addition, members called for expediting structural reforms aimed at attracting more foreign direct investment and supporting digital export platforms targeting African and Gulf markets.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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