Prime Minister, Mostafa Madbouly, emphasized that the government is committed to minimizing burdens on citizens and boosting economic growth, in a press conference following a government meeting.

Madbouly assured that no new policies will be introduced that could increase the financial strain on Egyptians.

During the press conference, Madbouly noted that Egypt’s external and total debt decreased by 89%.

The government's focus is on fostering economic growth, with aims to return to accelerated expansion rates, Madbouly added.

Madbouly emphasized the government’s openness to development projects in the Nile Basin countries, as long as they don’t threaten Egypt’s water security.

The Prime Minister highlighted the significant benefits expected for Egyptian citizens, including the reduction of inflation and the creation of new job opportunities.

These came due to Egypt’s flexible exchange rate policy, which has been praised by international organizations as a key success in stabilizing the economy.

Discussing Egypt’s partnership with the International Monetary Fund (IMF), Madbouly clarified that the government’s program with the IMF is a product of Egypt’s own development vision, underscoring that Egypt is fully committed to its economic reform goals.

According to recent IMF assessments, inflation in Egypt is on a downward trajectory, which is anticipated to relieve cost pressures on citizens shortly.

This progress, he indicated, paves the way for fiscal year 2024/2025, which he declared as the year of recovery for Egypt.