Cabinet Reviews Egypt's Economic Outlook Scenarios 

The Egyptian Prime Minister Mostafa Madbouly confirmed on Sunday that President Abdel Fattah El-Sisi directed the cabinet to develop scenarios on the outlook of the Egyptian economy in the coming years, out of keenness to work according to accurate indicators, in light of the tireless efforts  to stimulate the economy during the pandemic and strengthen the partnership between the state and the private sector.

This came during the PM's meeting with the Ministerial Economic Committee, in the presence of Tarek Amer, Governor of the Central Bank, Hala Al-Saeed, Minister of Planning, Rania Al-Mashat, Minister of International Cooperation, Mohamed Maait, Minister of Finance, Hisham Tawfik, Minister of Public Business Sector, and Nevin Gamea, Minister of Trade and industry.

The meeting reviewed the report prepared on the outlook and indicators of the Egyptian economy, which included the scenarios in the medium term, by building on what was achieved as a result of implementing the economic reform program, and improving stability of macroeconomic indicators.

The report highlighted the government's quick response, which was praised by various international institution, to the repercussions of the pandemic, where the it succeeded in minimizing the negative impact on economic activities, and managed, as one the few countries around the world, to  achieve growth.

It was also pointed out during the meeting that the structural reform program that the government is taking at this time aims to achieve a boost in the sectors of agriculture, industry, communications and information technology, in light of these sectors high growth potential and their steady contribution to the economy, in addition to their ability to generate job opportunities, reduce poverty rates, and maintain sustainable growth.

Nader Saad, the Cabinet's spokesman said that the economic committee reviewed the results of the report; in preparation for presenting it to the president. Saad pointed out that the outlook includes goals related to increasing savings to keep pace with the growing rate of public investments and narrowing the size of the spendings.

In addition, the goals include reducing government debt and serving it through a growth rate, which is higher than debt rate. The committee also proposed solutions to achieve improvement in the balance of payments (BoP), which aims to reduce the trade deficit and achieve a greater role for the private sector.